KUALA LUMPUR, Aug 19 (Bernama) -- Bursa Malaysia ended lower on Wednesday, as elevated United States (US) Treasury yields and weakness in technology stocks weighed on investor sentiment, an analyst said. However, gains in healthcare and telecommunications stocks provided some support to the broader local market. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.04 points, or 0.12 per cent, to 1,731.32 compared with Tuesday’s close of 1,733.36. The benchmark index opened 1.39 points weaker at 1,731.97, and fluctuated between 1,725.95 and 1,733.44 throughout the day. On the broader market, losers outpaced gainers 701 to 478, while 563 counters were unchanged, 1,131 untraded and 16 suspended. Turnover shrank to 3.31 billion units valued at RM2.92 billion from 3.74 billion units valued at RM2.91 billion on Tuesday.
While many people have been talking about 2010 being the year towards economy recovery. However, things does not always look too good despite of all these speculations. However, South East Asia stocks does not seem to feeling the positive push. And it could be that the whole world is feeling it as well. Singapore and most South East Asia countries have been on the fall for the sixth day, while Malaysia bank hits.
Singapore's index fell for a sixth session on Wednesday, weighed down by selling in Genting and other big caps, while Malaysia hit its lowest in almost a month, with banks suffering the most.
Most likely, the fall and impact especially towards the bank was due to worries among the public regarding the recent banking proposals in the United States by the Obama administration. There are tough and strict rules being proposed to limit the size and the scope of activities of the country's biggest banks. There are a lot of fears that this might eventually spread towards Europe and eventually the world.
Not only that, there are major concerns that Sentiment in Asian stock markets weakened amid fears that China's efforts to rein in soaring credit growth could hamper the global economic recovery.
Well, this is definitely a period of uncertainty in the market....
Singapore's index fell for a sixth session on Wednesday, weighed down by selling in Genting and other big caps, while Malaysia hit its lowest in almost a month, with banks suffering the most.
Most likely, the fall and impact especially towards the bank was due to worries among the public regarding the recent banking proposals in the United States by the Obama administration. There are tough and strict rules being proposed to limit the size and the scope of activities of the country's biggest banks. There are a lot of fears that this might eventually spread towards Europe and eventually the world.
Not only that, there are major concerns that Sentiment in Asian stock markets weakened amid fears that China's efforts to rein in soaring credit growth could hamper the global economic recovery.
Well, this is definitely a period of uncertainty in the market....
Comments
Post a Comment