'Roller-coaster' KLCI on first day trading

Bursa Malaysia ended its first trading day under the new Pakatan Harapan government on a steady note, but not before taking a roller-coaster ride, swinging over 75 points.

At 5pm, the FBM KLCI was up 3.91 points or 0.21 percent to close at 1,850.42.

At its lowest, the KLCI fell to a low of 1,800 points in the first hour of trading before the buying-spree button was hit.

The index then went up, hitting a high note of 1,875 in post-lunch trade.

All eyes were on Bursa Malaysia today as this was the first day of business for the country after the 14th General Election (GE14) concluded last Wednesday.

Investors quickly saw some last-minute profit-taking opportunity right before the market closed and paired down their purchases, resulting in a muted closing figure of just up 3.91 points or 0.21 percent to 1,850.42 at 5pm.

Amara Investments investment director, Andrew San, argued that some stocks in construction and consumer industries could be seen as a key highlight in the first week of trading.

"Investors will keep a close eye on the news cycle in the next few days. As of now, details of what Pakatan Harapan wants to do remain sketchy, so investors want to know more," said San.

"Investors want to know how the improvements in Corporate Governance in certain institutions are going to be done. How and when Datuk Seri Anwar Ibrahim will be released from prison. How the Felda situation is going to be resolved. These and many other issues are going to be a hot topic for investors to keep an eye on," he added.

Turnover of shares traded swelled to 6.58 billion shares valued at RM7.31 billion. Gainers dominated, with 930 counters in the green, with 405 losers and 180 counters unchanged.