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Tuesday, June 12, 2018

Market Daily Report: FBM KLCI down 11.64 points, ringgit weakens to 3.9940 vs US dollar





KUALA LUMPUR (June 12): The FBM KLCI fell 11.64 points or 0.7% while the ringgit weakened as investors anticipated major central banks' monetary policies this week.

At 5pm, the KLCI finished at 1,764.16 points after the ringgit depreciated to its weakest level today against the US dollar at 3.9940.

Reuters reported that the US Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.

It was reported that the European Central Bank (ECB) meets on June 14, when it could signal intentions to start unwinding its massive bond purchasing programme. Also, the Bank of Japan on Friday concludes a two-day meeting at which it is widely expected to keep its loose monetary policy intact.

In Malaysia today, JF Apex Securities Bhd senior research analyst Lee Cherng Wee said that catalysts that investors will be looking for this week include the potential outcome of the US Federal Reserve and ECB meetings.

“All eyes will be on the interest rate announcements by the Fed and ECB’s stand on its quantitative easing policy,” Lee told theedgemarkets.com

Across Bursa Malaysia today, 2.36 billion shares valued at RM2.39 billion were traded. Top decliners included Top Glove Corp Bhd, S P Setia Bhd and Genting Bhd.

Leading gainers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd and Nestle (M) Bhd.


Source: The Edge

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