KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
It has been a bad start to December for Malaysia stock market.
And this trend is seen to be continued as FBM KLCI dropped by 27.82 points to close at 1758.150. This is largely due to foreign selling amid concerns over the weakening Ringgit.
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| FBM KLCI close at 1758.150 |
The Malaysian Ringgit's weakness is seen as the main concern for foreign investors. The Ringgit weakened to 3.4435 against the US Dollar.
Bursa Malaysia saw 692 decliners and only 179 gainers while 247 counters remain unchanged.
Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd and Huat Lai Resources Bhd are the top gainers while the top decliners were BAT, PPB Group Bhd and BLD Plantation Bhd.
(source from The Edge Markets)
The drop in the market is largely due to the concerns over the weakening Ringgit and the impact of lower crude oil prices. It is going to be difficult to gauge the bottom of the crude oil price but if this continue, Malaysia will definitely see a bearish end to 2014, going into 2015.
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