KUALA LUMPUR, July 15 (Bernama) -- Bursa Malaysia’s key index closed lower as investors locked in profits following three consecutive sessions of gains, with banking and oil and gas counters leading the decline. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.18 points, or 0.36 per cent, to close at 1,713.76 from Tuesday’s close of 1,719.94. The benchmark index opened 0.72 of a point higher at 1,720.66, and moved between 1,712.88 and 1,724.83. On the broader market, gainers led losers 590 to 475, while 604 counters were unchanged, 1,034 untraded, and 11 suspended. Turnover expanded to 4.07 billion units valued at RM2.84 billion from 3.52 billion units valued at RM2.75 billion on Tuesday.
KUALA LUMPUR (Nov 20): The FBM KLCI slipped 3.3 points or 0.2% on weaker technical indicators and after China shares fell during intraday trades on the country 's new guidelines to regulate asset management products.
At 5pm, the KLCI closed at 1,718.36 points. China's Shanghai Stock Exchange Composite erased intraday losses to end 0.28% higher.
Reuters reported that China stocks fell sharply on Monday and were heading for their biggest daily loss in three months after Beijing set sweeping new guidelines to regulate asset management products, which analysts said will dampen investors' appetite for riskier assets.
The central bank issued the new guidelines on Friday to more strictly regulate asset management businesses, in the government's latest effort to rein in the risky shadow banking sector which had been channeling money into Chinese stocks, bonds and property.
In Malaysia, Kenanga Investment Bank Bhd analyst Muhammad Afif Zulkaplly told theedgemarkets.com that the market still lacked catalysts, prompting investors to opt for profit taking on counters like Genting Bhd.
KLCI-linked Genting closed 16 sen lower at RM9.04 to become Bursa Malaysia's eighth-largest decliner. Across Bursa Malaysia, decliners led gainers by 610 against 239 respectively. A total of 1.98 billion shares worth RM2.14 billion changed hands.
Muhammad Afif said: “Technical indicators actually worsened, even among the small-caps. We look forward for the results season in the next two weeks, and see if the positive economic growth will translate to better corporate earnings.”
Source: The Edge
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