KUALA LUMPUR, March 28 (Bernama) -- Bursa Malaysia closed lower today on profit-taking after a strong three-day rally, and investor sentiment was further shaken in the late afternoon session following news of an earthquake in Myanmar with tremors felt in neighbouring Thailand, said Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 1.44 per cent or 22.08 points to 1,513.65, its intraday low, from Thursday’s close of 1,535.73. The benchmark index opened 4.16 points lower at 1,531.57 and hit an intraday high of 1,533.52 during the midday session. On the broader market, decliners outpaced gainers 563 to 395, while 408 counters were unchanged, 1,106 untraded, and 133 suspended. Turnover slipped to 2.25 billion units valued at RM2.13 billion from 2.52 billion units worth RM2.41 billion on Thursday.
Several experts share their views with Malaysiakini regarding the Budget 2009 unveiled by Prime Minister Abdullah Ahmad Badawi. MCPX David Cohen, director of Action Economics, Singapore: It is a populist budget to deflect the growing popularity of Anwar (Ibrahim). (Prime Minister) Abdullah (Ahmad Badawi) is obviously under pressure as witnessed by the rollback in fuel prices last week. Lee Heng Guie, chief economist at CIMB Bank: I think most people already expected a budget plan that won’t have many negative points. So this is one factor that helped the market to rise and also because overseas markets were good last night. But the overall mood is still cautious because there is still uncertainty. Given the tough macro situation, they may have little choice but to spend more now. Whether it’s the right choice depends on how they fine-tune the deficit going forward. Khoo Kay Peng, political and economics analyst: Anwar can, if he wishes, make any amendments he thinks are necessary...