KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day. In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended. Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion. ...
The benchmark KLCI FBM index lost 19.88 points or 1.2% to close at 1,633.3.
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FBM KLCI downtrend continued as oil stumbles |
Last week, the market had a short rally after the
announcement made by Prime Minister Najib on the recalibrated Budget 2016 but
at this level, the KLCI is on a lower level than after the rally.
The decline in the index is in line with the world market, as oil price's decline worsen after hopes for oil-producing nations to reach an agreement for cutting production seem to falter.
It appears that the bear market is here to stay.Most Asian markets tumbled today as oil prices dropped for a third day. Japan's Nikkei 225 lost 3.15%, Hong Kong's Hang Seng Index fell by 2.36%, China's Shanghai Composite Index lost 0.38%, Australia's S&P/ASX200 dropped by 2.33%, and South Korea's Kospi Index shed 0.84%. Singapore's Straits Times Index also fell by 1.1%.
Shell Refining Co (Federation of Malaya) Bhd was the biggest decliner, falling by as much as 29.96% to RM3.46 before paring its losses to close at RM3.68. Shell Refining's major shareholder Shell Overseas Holdings Ltd has agreed to sell its 51% stake at a huge discount, for RM1.80 apiece.
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