The FBM KLCI index started the day with a plunge to a low of 1,638.88 before rebounding to close marginally lower at 1,643.95, down 0.46 points from a day earlier. This was largely due to the concern of a global economic meltdown with regional markets continued to head south.
|FBM KLCI closed marginally lower|
The growing concerns on the US interest rate policy's direction and the health of global financial institutions also contributes to the negative sentiments and feeling around the equity market. Overnight, the US Federal Reserve Chairwoman Janet Yellen spoke about risks to the economic outlook that could delay the central bank’s plans for raising rates.
MSCI's broadest index of Asia-Pacific shares ex-Japan shed 1.4%, and South Korea’s Kospi Index dived 2.9% while Singapore’s Straits Time Index shed 1.7% to 2,538.28 points.
The message from the market is sending a bearish signal as some analysts are forecasting the upside to be limited by the 1,700 level with room still for further downside.
The top decliners was KESM Industries, while Dutch Lady Milk Industries Bhd was the top gainer. Dutch Lady has been the top gainer for two consecutive trading days. Tiger Synergy Bhd was the most actively-traded counter.
Bursa Malaysia saw some 1.21 billion shares, worth RM1.39 billion exchanged, with decliners outpacing gainers at 437 versus 272. 302 counters were unchanged.
Reuters reported fresh cracks appeared in global markets on Thursday, as investors sought the safety of Japanese yen, gold and top-rated bonds, while dumping US dollars on bets the Federal Reserve could be done raising interest rates.