KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
As mentioned in the morning post on the oil prices plunge, the FBM KLCI continue the downtrend.
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| The downtrend continues |
Most shares traded lower at the end of today, as the poor sentiments surrounding around the O&G counter spread to other sectors as well. OPEC's decision not to cut output to stem the falling crude oil prices crushes any hope of a quick rebound for the crude oil prices.
In fact, it's hard to even try to predict the bottom of it at this point of time.
The FBM KLCI fell 0.5% today, to close the week at 1,820.89 points at market close. However on a week-on-week basis, the KLCI ended the week 11.76 points or 0.65% higher, compared to last Friday’s closing of 1,809.13 points.
The OPEC's decision might just force the downtrend to continue for a while....as Reuters reported that oil prices, oil-related shares and oil-linked currencies all tumbled in Asia on Friday.
The huge supply of oil could hurt country like Malaysia and Russia.
Regionally though, markets were mixed with Hong Kong's Hap Seng and South Korea's Kospi both ending lower while Japan's Nikkei rose 1.23%.
You may check out the fundamentals of some of these stocks that are under the TOP 10 GAINERS and TOP 10 LOSERS today:
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| Top 10 GAINERS |
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| TOP 10 LOSERS |
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