KUALA LUMPUR, May 14 (Bernama) -- Bursa Malaysia closed slightly lower today, dragged down by banking counters as investors took profit from recent gains amid cautious regional sentiment ahead of clearer indications from talks between United States President Donald Trump and Chinese President Xi Jinping. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 0.73 of a point to 1,745.58 from Wednesday's close of 1,746.31. The benchmark index, which opened 2.79 points higher at 1,749.10, moved between 1,740.35 and 1,750.63 during today’s session. Market breadth was negative, with losers edging gainers 599 to 558. A total of 612 counters were unchanged, 958 untraded, and 27 suspended. Turnover decreased to 3.91 billion units worth RM3.22 billion compared with 4.14 billion units worth RM3.44 billion on Wednesday.
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
Comments
Post a Comment