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Tuesday, September 5, 2017

Market Daily Report: FBM KLCI down on profit taking amid North Korea concerns






KUALA LUMPUR (Sept 5): The FBM KLCI closed 3.53 points or 0.2% lower on profit taking amid concerns over the US and North Korea's geopolitical tension.

At 5pm, the KLCI closed at 1,769.63 points. Last Wednesday (Aug 30), the KLCI rose 12.02 points to end at 1,773.16 points. Malaysian markets resumed trading today following a break since Thursday (Aug 31).

Malaysian markets were closed for National Day on Thursday and Hari Raya Haji on Friday (Sept 1). In an unexpected move, Prime Minister Datuk Seri Najib Tun Razak had last week declared that yesterday (Sept 4) would be a public holiday following Malaysia's stellar performance at the 29th SEA Games.

Today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that despite the KLCI opening in the green, quick profit taking sent the index lower for most of the trading session due to the US- North Korea geopolitical tension.

Reuters reported that North Korea on Sunday conducted its sixth and most powerful nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, prompting the threat of a "massive" military response from the United States if it or its allies were threatened.

Today, Leong said : “We [still] find some strong (KLCI) resistance at the 1,780 level, which was previously retested in early August,” Leong said.

Across Bursa Malaysia, 2.53 billion shares worth RM2.18 billion were traded. There were 335 gainers and 536 decliners.

Asian share markets fell. Japan's Nikkei 225 dropped 0.63%, South Korea's Kospi fell 0.13% while Hong Kong’s Hang Seng erased losses to close flat.

Reuters reported that Asian shares eked out small gains on Tuesday as expectations that Beijing will maintain support for its economy ahead of a key congress supported Chinese stocks and metals prices, but worries about North Korea kept many investors on edge.


Source: The Edge

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