Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (May 24): The FBM KLCI rose 3.84 points or 0.2% on bargain hunting and as investors bought CIMB Group Holdings Bhd shares after the financial-services provider reported a 46% rise in first quarter net profit from a year earlier.
At 5pm, the KLCI closed at 1,771.01 points after trading between 1,767.22 and 1,776.24 points today. KLCI-linked CIMB rose 14 sen to RM6.13 to become Bursa Malaysia's eighth-largest gainer.
CIMB said net profit rose to RM1.18 billion in the first quarter ended March 31, 2017 from RM813.8 million. Revenue was higher at RM4.36 billion versus RM3.73 billion.
Across Bursa Malaysia, 3.38 billion shares worth RM2.9 billion changed hands. Decliners outran gainers by 546 to 419 respectively.
Yesterday, the KLCI fell 7.78 points to 1,767.17 points after the explosion at the UK's Manchester city hit market sentiment.
Today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said: "KLCI is expected to remain range bound this week, but in the longer term, we still see some more upside. Corporate earnings have been satisfying so far, and they can be better by the next reporting season in August this year."
"Most of the economic indicators have been reflecting that Malaysia's economy is recovering, be it trade, ringgit and oil prices," Wong told theedgemarkets.com.
Malaysian shares rose as news on China's sovereign credit rating downgrade by Moody's Investors Service hit market sentiment. Reuters reported that world stocks inched lower on Wednesday after China's sovereign credit rating was downgraded and as investors eyed a pause in Wall Street's four-day winning streak, the longest in over three months.
In its first downgrade of the country in nearly 30 years, Moody's cut China's rating by one notch to A1 from Aa3, saying it expects the economy's financial strength to erode in coming years as growth slows and debt continues to rise.
Source: The Edge
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