Bursa ends lower on profit-taking in plantation stocks
Investors lock in gains following the plantation sector's recent strong performance, says analyst.
Bursa Malaysia closed lower on the last trading day of the week, primarily due to a downturn in the plantation sector. Investors took advantage of the recent strong performance of the sector, leading to profit-taking. The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 7.03 points lower at 1,708.10, compared to its previous close of 1,715.13.
The plantation sector's weakness was anticipated and attributed to a combination of profit-taking and valuation consolidation. The strong performance of the CPO (crude palm oil) futures, currently at RM4,897 per tonne, supports plantation companies' earnings, according to Sedek Jantan, IPPFA Sdn Bhd director of investment strategy and country economist.
The local bourse remains cautious, citing geopolitical uncertainties and elevated commodity prices as factors that may limit the pace of recovery.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Bursa ends lower on profit-taking in plantation stocks freemalaysiatoday.com
