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Monday, September 25, 2017

Market Daily Report: KLCI falls 0.11% on further selling by foreign funds






KUALA LUMPUR (Sept 25): The FBM KLCI ended in negative territory for the fifth consecutive trading session today, on continued selling by foreign funds.

The benchmark index ended the day 1.90 points or 0.11% lower at 1769.14.

On the broader market, there were 558 decliners versus 264 advancers, while 412 counters finished unchanged. Some 2.46 billion shares, worth RM2.36 billion were traded.

“There has been unwinding of foreign funds and they have been selling for the past few days,” said Malacca Securities Sdn Bhd senior analyst Kenneth Leong.

“(The decline) is because of profit-taking as well, but only mild, in selective banking companies such as RHB Bank Bhd, Malayan Banking Bhd and AMMB Holdings Bhd,” Leong told theedgemarkets.com when contacted.

Elsewhere in Asia, Japan’s Nikkei 225 close up 0.50%, South Korea's Kospi fell 0.35%, while Hong Kong's Hang Seng decreased by 1.36%.

Reuters reported the Nikkei share average rose as a weaker yen lifted exporters, while expectations of economic stimulus measures, after an election next month supported overall sentiment.

As the end of Japan’s fiscal first half looms on Sept 30 for a majority of listed companies, the market was also underpinned by investors buying up stocks before they go ex-dividend on Wednesday.


Source: The Edge

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