KUALA LUMPUR, Feb 14 (Bernama) -- Bursa Malaysia pared most of its losses to close marginally lower today, supported by late buying in banks after heavy selling in CelcomDigi earlier, amid continued weak market sentiment due to the US trade policies. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 0.68 of-a-point to 1,591.60 compared to yesterday’s close of 1,592.28. The market barometer opened 0.63 of-a-point higher at 1,592.91 and moved between an intraday low of 1,587.58 and an intra-day high of 1,595.01. Losers outnumbered gainers 598 to 433, while 445 counters were unchanged, 843 untraded and 22 suspended. Turnover expanded to 3.27 billion units worth RM2.40 billion from 2.56 billion units worth RM2.22 billion on Thursday. Rakuten Trade Sdn Bhd's vice president of equity research Thong Pak Leng said the FBM KLCI remained in consolidation mode, struggling to brea...
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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