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 (Oct 2): The FBM KLCI dropped 0.8 point to end at 1,754.78 points while the ringgit weakened against the US dollar as foreign selling continued on US interest rate hike bets.
Telekom Malaysia Bhd and British American Tobacco (M) Bhd share losses dragged down the KLCI as both KLCI-linked stocks fell among Bursa Malaysia major decliners.
Across Bursa Malaysia, there were 501 decliners versus 276 advancers. A total of 2.23 billion shares worth RM1.74 billion were traded.
“The weakness of the KLCI is due to the renewed foreign fund outflow and the market will continue to trend in a negative way in a couple of days due to the lack of fresh leads,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com.
The KLCI posted losses for the 10th consecutive trading session today.
Earlier today, TA Securities Holdings Bhd wrote in a note that "as technical indicators for the local benchmark index turn more bearish following the sell-off for the past nine consecutive trading days (ended last Friday), sentiment is likely to stay weak, dampened by the deleveraging of the US government's balance sheet which strengthens the outlook for rising US interest rates ahead, hence encouraging foreign portfolio outflows back to developed markets."
Such sentiment has weakened the ringgit. At the time of writing, the ringgit had depreciated to 4.2343 against the US dollar.
The ringgit has weakened against the US dollar from 4.1888 on Sept 18 this year.
Source: The Edge
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