KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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| Wall Street Update |
Stocks closed sharply lower Tuesday as renewed declines in oil prices weighed amid mixed reaction to some key earnings reports.
Here is a quick look at some of the updates on the commodity price in the Energy sector.
"The oil rally, which occurred around those rumors (about an output cut), has reversed and dragged down the stock market and long-term interest rates," said David Kelly, chief global strategist at JPMorgan Funds.
U.S. crude oil futures settled down $1.74, or 5.5 percent, at $29.88 a barrel, weighed by concerns about demand and rising supply, as hopes for a deal between OPEC and Russia on output cuts diminished.
The Dow lost 295 points. Goldman Sachs accounted for about 55 points the index as the greatest weight on the Dow. As of intraday trade, financials were the worst performer year-to-date in the S&P 500. The index fell below the psychologically key 1,900 level in afternoon trade.
The Nasdaq composite underperformed, falling more than 2 percent as Apple, biotechs and several major tech stocks declined.
Alphabet, Google's parent company, halved gains in afternoon trade to hold about 1.6 percent higher. Facebook gave up gains and held about half a percent lower. Amazon traded down more than 3.5 percent.
The Dow transports declined more than 2.5 percent, with Avis Budget and American Airlines leading decliners. UPS was the only advancer.
Shares of Exxon Mobil briefly declined 2.5 percent after the firm reported a 58 percent drop in profit, hurt by low oil prices. The world's largest publicly traded oil company also said it would cut spending this year by one-quarter, Reuters reported.
The S&P 500 lost nearly 2 percent as energy fell more than 3 percent and financials lost more than 2.5 percent in afternoon trade, with only utilities gaining.
So how bad will this affect Bursa Malaysia? My guess is another red of sea especially given the likelihood of pundit clearing of energy counters....
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