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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Market Daily Report: KLCI down for 10th consecutive day; ringgit weakens



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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