KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99. The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
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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