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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

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.  
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Market Daily Report: KLCI up in the final trading minutes on late buying on Axiata and Public Bank shares



KUALA LUMPUR (Dec 16): The FBM KLCI gained 0.8 point in the final trading minutes to close at 1,637.79 points on late buying of Axiata Group Bhd and Public Bank Bhd shares.
At 5pm, Axiata rose 18 sen to RM4.68 while Public Bank added 14 sen to RM19.80. KLCI-linked Axiata and Public Bank were Bursa Malaysia's fourth and seventh-largest gainers respectively.

The KLCI, which ended at its intraday high, had earlier fallen to its intraday low at 1,632.46 points. The KLCI had fallen as the ringgit weakened to a fresh one-year level against the US dollar today at 4.4785.

The ringgit fell after the US Federal Reserve (Fed) raised interest rates last Wednesday and indicated further hikes in 2017.

Reuters reported that the Fed raised interest rates by 25 basis points to between 0.5% and 0.75% on Wednesday as widely expected. The real mover came from the Fed signalling three hikes in 2017, up from around two flagged at its September policy meeting.

In Malaysia today, Public Investment Bank Bhd research head Ching Weng Jin told theedgemarkets.com the weak ringgit had been prevalent since Donald Trump's surprise win in the US presidential election.

Ching said the ringgit's depreciation continued to weigh on the KLCI.
"The KLCI has been down since the announcement of the US election results, which had led to the strengthening of the US dollar against the ringgit. This has been a long-running issue for the local market," he said.


Source: The Edge
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