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Thursday, February 25, 2016

Market Daily Report: KLCI followed Asian market in downward trend

It seems like the short rally is indeed short as we were greeted with another downward trend today.

FBM KLCI falls by 6.01 points to 1,658.16

The FBM KLCI closed at 1,658.16 despite having a rather good start to the day when the market hit the intraday high at 1,672.56 before falling down, tracking the regional trend.

Reuters reported that Asian shares slipped on Thursday as crude oil prices see-sawed and Chinese shares dived, rekindling anxiety about the impact of high market volatility on the global economy on the eve of a G20 meeting in Shanghai.

Crude oil prices fell on Thursday as downward pressure from global overproduction and slowing economic growth outweighed strong gasoline demand and lower US crude output.

Brent crude benchmark was trading at US$34.07 per barrel at 0804 GMT, down 34 US cents from its last close.

On Bursa Malaysia, decliners were more than gainers by about half at 565 compared to gainers at 271. There were a total of 1.65 billion shares traded, worth RM1.86 billion.

The top losers include Petronas Gas Bhd and Petronas Chemicals Group Bhd while British American Tobacco (M) Bhd is the top gainer for the day.

APFT Bhd and Genting Malaysia Bhd are the most active stocks for the day.

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