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Friday, July 7, 2017

Market Daily Report: KLCI falls 10.6 points on US share decline

KUALA LUMPUR (July 7): The FBM KLCI fell 10.6 points or 0.6% with Asian share markets after US equities declined overnight.

At 5pm today, the KLCI closed at 1,759.93 points. Across Asia, Japan’s Nikkei 225 fell 0.32%, South Korea’s Kospi declined 0.33% while Hong Kong’s Hang Seng was down 0.49%.

In overnight US share trades, the Dow Jones Industrial Average dropped 0.74%, S&P 500 fell 0.94% while Nasdaq Composite was 1% lower.

Reuters reported that US stocks were sharply lower on Thursday after disappointing labour market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula provided additional pressure.

It was reported that Asian shares lost ground on Friday after a weak session on Wall Street, while global sovereign debt yields were elevated across the board on bets the European Central Bank is moving closer to unwinding its massive monetary stimulus.

In Malaysia, Kenanga Investment Bank Bhd research head Chan Ken Yew said the KLCI's decline was in line with the fall in US markets.

“(In Malaysia) market activity seems to be slowing down due to a lack of catalyst. We are expecting a potential pullback in the KLCI in the third quarter,” Chan said.

Across Bursa Malaysia today, 1.31 billion shares worth RM1.54 billion were traded. Decliners outnumbered gainers at 644 against 209 respectively.

Leading decliner was British American Tobacco (M) Bhd while Cycle & Carriage Bintang Bhd topped gainers. The most-active counter was Hubline Bhd.

Source: The Edge

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