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KUALA LUMPUR (Aug 18): The FBM KLCI cut losses to close 0.09 point lower at 1,776.22 points after the market gave a last minute push to index-linked Petronas Gas Bhd and Westports Holdings Bhd shares.
The KLCI had earlier dropped to its intraday low at 1,770.04 points on weak global sentiment following substantial overnight US share losses.
Reuters reported that US stocks sold off on Thursday, with the S&P 500 recording its biggest daily percentage drop in three months as escalating worries about US President Donald Trump's administration's ability to push through its economic agenda rattled investors.
The Dow Jones Industrial Average ended down 274.14 points, or 1.24 percent, to 21,750.73, the S&P 500 lost 38.1 points, or 1.54 percent, to 2,430.01 and the Nasdaq Composite dropped 123.20 points, or 1.94 percent, to 6,221.91.
Today, Malaysian shares fell with Asian equities on the Trump sentiment. Japan's Nikkei 225 fell 1.18% while Hong Kong's Hang Seng declined 1.08%
In Malaysia, TA Securities Holdings Bhd technical analyst Stephen Soo told theedgemarkets.com that the KLCI's recovery in the previous trading sessions had not been sustainable as it was not matched by positive momentum in the wider market.
“The local market would need a stronger catalyst than the release of (Malaysia's) 2Q GDP (gross domestic product) results, failing which I still see the index trading between 1,765 and 1,782 points,” Soo said.
Malaysia's GDP grew 5.8% in 2017's second quarter from a year earlier, on domestic demand and export growth, Bank Negara Malaysia said today.
Across Bursa Malaysia at 5pm, 1.45 billion shares worth RM1.58 billion were traded. Decliners outpaced gainers at 436 to 339 respectively.
Petronas Gas and Westports were Bursa Malaysia's fourth and fifth-largest gainers respectively. Petronas Gas added 14 sen to RM18.80 while Westports rose 13 sen to RM3.75. The most-active stock was UMW Oil and Gas Corp Bhd.
Source: The Edge
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