KUALA LUMPUR, Aug 6 (Bernama) -- Bursa Malaysia closed lower as investors took profits following the recent rebound, with telecommunications and industrial stocks leading the decline, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 11.02 points to 1,737.15, compared with Wednesday's close of 1,748.17. The benchmark index opened 1.48 points higher at 1,749.65, its intraday high, and hit a low of 1,733.38 in the afternoon session. On the broader market, decliners led advancers 575 to 567, while 573 counters were unchanged, 1,028 untraded and 13 suspended. Turnover slipped to 3.24 billion units valued at RM2.90 billion from 3.89 billion units valued at RM3.80 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
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