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Tuesday, February 14, 2017
Market Daily Report: KLCI slips but stays above 1,700 as bullish sentiment remains
KUALA LUMPUR (Feb 14): The FBM KLCI declined marginally today but stayed above the 1,700 psychological level the entire day, as market sentiment remained bullish after the rally in the previous two trading days.
The benchmark index settled at 1,708.90, down 1.34 points or 0.08% from yesterday, after moving between 1,703.59 and 1,710.08.
Interpacific Securities Sdn Bhd’s senior remisier Sam Ng said the market’s overall trading behaviour today was stable.
“The price behaviour remains resilient today. The KLCI trend seems stable, as bullish sentiment in the past has attracted some investors to enter the market,” he told theedgemarkets.com.
Across the board, there were 2.18 billion shares traded, worth some RM2.56 billion.
A total of 387 stocks gained, 470 counters fell, while 387 stocks finished unchanged.
The biggest loser was KESM Industries Bhd, while the top gainer was British American Tobacco (M) Bhd.
Sterling Progress Bhd was the day’s most actively-traded counter, with 56.35 million shares exchanging hands.
Reuters reported Southeast Asian stock markets fell today, as a stronger dollar weighed on sentiment, while investors awaited the congressional testimony by U.S. Federal Reserve Chair Janet Yellen for clues on the pace of interest rate hikes.
Yellen will present the U.S. central bank's semi-annual report on monetary policy and the economy in testimony to the Senate Banking Committee today, followed by the semi-annual monetary testimony, before the House Financial Committee on Wednesday.
The ringgit weakened slightly to 4.4490 against the U.S. dollar, and to 3.1377 against the Singapore dollar, in late afternoon trading.
Source: The Edge