KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
There is a sense of relief as FBM KLCI rebound after closing lower for 4 days. It is more of a technical rebound, with the index closed at 1,681.900, increased by 7.96 points.
The technical rebound come as there is sign of stabilization in price of commodities and ringgit.
The rebound is welcomed with a sign of relief after the FBM KLCI Index dropped 35.68 points on Monday (15/12/2014) and another 23.27 points on Tuesday (16/12/2014). The rebound happened as analysts believe the market is in an oversold condition.
On the other hand, the Asian markets were mixed with Japan’s Nikkei rose 0.38%, Hong Kong’s Hang Seng retreated 0.37%, while South Korea’s Kospi fell 0.21%.
The current financial crisis in Russia, and the sharp decrease in the oil price has negatively impacted the market.
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