KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
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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