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.
Treasury secretary-general Tan Sri Mohd Irwan Siregar Abdullah said Prime Minister Datuk Seri Najib Razak is set to announce the revisions to Budget 2016 on January 28.
He assured the press and the public that the government will not cut the salaries of two million civil servants in the tweaks.
"The prime minister will announce the revised budget on January 28... let’s wait for his announcement to see what the details are," he said at the launch of the World Bank's office in Kuala Lumpur today.
The revision was necessary as the current economic climate had changed significantly from when the Budget 2016 was tabled. Back then, the oil was $48 per barrel but the oil price has now fallen to below US$33 per barrel.
The Ringgit has also weakened compared to back then.
He assured the press and the public that the government will not cut the salaries of two million civil servants in the tweaks.
"The prime minister will announce the revised budget on January 28... let’s wait for his announcement to see what the details are," he said at the launch of the World Bank's office in Kuala Lumpur today.
The revision was necessary as the current economic climate had changed significantly from when the Budget 2016 was tabled. Back then, the oil was $48 per barrel but the oil price has now fallen to below US$33 per barrel.
The Ringgit has also weakened compared to back then.
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