KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
KUALA LUMPUR (Dec 14): The FBM KLCI fell 1.99 points or 0.1% on profit-taking as investors eyed the US Federal Reserve's interest rate decision at the conclusion of its two-day meeting today.
Analysts said the KLCI's decline was driven by profit taking amid uncertainty over whether the US would hike interest rates. Higher US rates do not bode well for Asian markets in anticipation that investors will shift their money into US dollar-denominated assets.
"The KLCI is down amid the looming decision by the Fed on the US interest rate. The consensus is that there will be a hike, which could drive outflows in emerging markets like Malaysia," an analyst who requested anonymity told theedgemarkets.com.
At 5pm, the KLCI pared losses at 1,643.29 points. Earlier, the index declined to its intraday low at 1,639.93 points.
Bursa Malaysia saw 1.44 billion shares worth RM1.64 billion exchanged. Decliners outnumbered gainers at 362 against 314 respectively.
Earlier today, Hong Leong Investment Bank Bhd said in a note that while profit-taking in the KLCI could continue this week, the research firm expected the index to rise as the year-end approaches.
"We still expect the KLCI to trend higher towards 1,650 to 1,665 by end-December, in anticipation of year-end window dressing activities, coupled with the potential election catalyst," Hong Leong said.
Source: The Edge
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