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.
The worst start to the year just got crazier as global bear markets looks to worsen.
And the US stock market's decline continued as well. The stock markets closed lower on Thursday but way better off than their lows, as investors digested a massive global sell-off, falling oil prices, and chatter about a possible OPEC production cut.
The Dow briefly fell 400 points in afternoon trading as Boeing and Goldman Sachs weighed the most on the blue chips index before rebounding to close 254 points lower than previous closed. The rebound was due to a report that energy minister of the United Arab Emirates on Sky News Arabia saying OPEC members were ready to cooperate on a production cut. Suhail bin Mohammed al-Mazrouei also said low prices were already forcing non-OPEC members to cap production.
The S&P 500 dropped 1.23 percent as financials fell. The financial sector was on track for its first five-day losing streak since August. At session lows, S&P briefly broke below its Jan. 20 intraday low of 1,812.29 when it hit 1,810.01
The Nasdaq composite also dropped by 0.39%.
Overseas markets fell sharply on Thursday, as Chinese H shares falling about 5 percent, while the pan-European STOXX 600 closed 3.68 percent as banks in the region plunged On Wednesday, European banks soared, momentarily halting a massive plunge.
European markets were also surprised by the Swedish central bank cutting rates further into negative territory.
The sell-off in global equities sent traditional safe havens surging.
Gold futures for April delivery settled $53.20 to trade at $1,247.80, while U.S. 10-year note yields traded at 1.61 percent. The benchmark note yield also went below 1.55 percent momentarily.
Investors also kept an eye on falling oil prices, as WTI futures hit their lowest levels since 2003. U.S. crude closed down 4.5 percent, or $1.24, at $26.21 a barrel, before paring losses in after-hours trading. WTI prices have fallen sharply but have experienced several volatile sessions.
And the US stock market's decline continued as well. The stock markets closed lower on Thursday but way better off than their lows, as investors digested a massive global sell-off, falling oil prices, and chatter about a possible OPEC production cut.
The Dow briefly fell 400 points in afternoon trading as Boeing and Goldman Sachs weighed the most on the blue chips index before rebounding to close 254 points lower than previous closed. The rebound was due to a report that energy minister of the United Arab Emirates on Sky News Arabia saying OPEC members were ready to cooperate on a production cut. Suhail bin Mohammed al-Mazrouei also said low prices were already forcing non-OPEC members to cap production.
The S&P 500 dropped 1.23 percent as financials fell. The financial sector was on track for its first five-day losing streak since August. At session lows, S&P briefly broke below its Jan. 20 intraday low of 1,812.29 when it hit 1,810.01
The Nasdaq composite also dropped by 0.39%.
Overseas markets fell sharply on Thursday, as Chinese H shares falling about 5 percent, while the pan-European STOXX 600 closed 3.68 percent as banks in the region plunged On Wednesday, European banks soared, momentarily halting a massive plunge.
European markets were also surprised by the Swedish central bank cutting rates further into negative territory.
The sell-off in global equities sent traditional safe havens surging.
Gold futures for April delivery settled $53.20 to trade at $1,247.80, while U.S. 10-year note yields traded at 1.61 percent. The benchmark note yield also went below 1.55 percent momentarily.
Investors also kept an eye on falling oil prices, as WTI futures hit their lowest levels since 2003. U.S. crude closed down 4.5 percent, or $1.24, at $26.21 a barrel, before paring losses in after-hours trading. WTI prices have fallen sharply but have experienced several volatile sessions.
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