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Thursday, April 13, 2017

Market Daily Report: KLCI slips following weak cues from Wall Street






KUALA LUMPUR (April 13): The benchmark FBM KLCI index slipped 0.34% today, following weak cues from Wall Street after U.S. President Donald Trump’s comment on the U.S. currency being too strong, which kept the U.S. markets nervous.

At the closing bell, the KLCI closed 5.90 points lower to 1,738.18, with 3.9 billion shares worth RM2.6 billion traded.

Market breadth was negative with only 220 gainers compared with 765 decliners, while 305 counters were unchanged. Malayan United Industries Bhd continued to be the most actively-traded counter. Eita Resources Bhd was the top gainer, while Nestle (M) Bhd was the leading decliner.

Etiqa Insurance & Takaful Head of research Chris Eng said the lackluster performance in the stock market is mainly due to the U.S. stock performance as seen by the S&P 500 index that closed below its 50-day moving average for the first time since Nov 8.

“I think moving forward, the market will take a cue from the U.S. stock market performance,” Eng told theedgemarkets.com.

Reuters reported Japanese stocks slumped to fresh four-month lows on Thursday, as the yen spiked against the U.S. dollar, after Trump said the U.S. dollar was too strong, hitting exporters and financial stocks hard.

Across the region, Japan’s Nikkei 225 fell by 0.68%, while Hong Kong’s Hang Seng closed lower by 0.21%. South Korea’s Kospi however gained by 0.93%.

Closer to home, both Singapore’s STI and Indonesia’s Jakarta Composite Index also fell by 0.65% and 0.49% respectively.

Source: The Edge

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