KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs). At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
KUALA LUMPUR (Dec 19): The FBM KLCI fell 3.49 points or 0.2% as the ringgit weakened against the US dollar to levels seen during the 1998 Asian financial crisis.
At 5pm today, the KLCI closed at 1,634.30 points. The ringgit depreciated to its weakest level against the US dollar so far today at 4.4805. Bloomberg reported that the exchange rate was the weakest since January 1998.
Today, JF Apex Securities Bhd research head Lee Chung Cheng told theedgemarkets.com: "Basically the market's performance today is in line with US markets (which were also down) and weak ringgit. We believe there is a lack of catalysts to excite the local market at this point."
The ringgit weakened after the US Federal Reserve raised interest rates last week and indicated further hikes in 2017. Such sentiment was in anticipation of higher US inflation due to US President-elect Donald Trump's planned expansionary fiscal policies.
At Bursa Malaysia today, the exchange saw 1.33 billion shares valued at RM1.35 billion traded.
There were 307 gainers and 401 decliners.
Source: The Edge
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