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.
KUALA LUMPUR (Jan 4): The FBM KLCI rose 11.94 points or 0.7% as Japan shares rose substantially on a weaker yen.
At Bursa Malaysia, the KLCI settled at 1,647.47 points on gains in stocks like Sime Darby Bhd and Petronas Chemicals Group Bhd. Bursa Malaysia saw 1.98 billion shares, worth RM1.65 billion traded.
Japan's Nikkei 225 rose 2.51% as a weaker yen led to expectation of higher earnings for exporters. Reuters reported Japan's Nikkei share average started 2017 trading on a strong note on Wednesday, as investors cheered upbeat global economic data released during Japan's holidays, and a weaker yen boosted exporters.
In Malaysia, Malacca Securities Sdn Bhd senior research executive Kenneth Leong told theedgemarkets.com that the KLCI's movement today was in line with key regional indices.
Leong said "there is still upside in the KLCI, premised on higher crude palm oil (CPO) and crude oil prices”.
Such CPO price sentiment followed the ringgit's depreciation today to a fresh one-year level against the U.S. dollar at 4.5002. At 5:27pm, the ringgit was traded at 4.4975 against the U.S. dollar.
A weaker ringgit makes Malaysian CPO more competitive in world markets, hence anticipation of higher demand for the commodity.
Source: The Edge
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