KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
KUALA LUMPUR (Nov 28): The FBM KLCI closed 5.44 points or 0.3% lower as China's move to curb shadow banking and other risky forms of financing hit Asian market sentiment. Malaysian shares also tracked crude oil losses.
At 5pm, the KLCI closed at 1,714.42 points. China's Shanghai Stock Exchange Composite erased intraday losses to end 0.34% higher.
Reuters reported that investor confidence in China has been dented by rising bond yields as Beijing stepped up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.
It was also reported that oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. Brent futures had fallen to US$63.72 a barrel by 0753 GMT, down 12 cents, or 0.2 percent, from their previous close.
In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com: “This (KLCI's drop) has been led by regional selldown. I’m worried about China. It hasn’t been a huge selldown but it’s continuing.”
Across Bursa Malaysia, 1.8 billion shares worth RM2.1 billion were traded. There were 268 gainers and 556 decliners.
Top decliners included oil and gas-related Hengyuan Refining Co Bhd.
Hengyuan shares dropped 26 sen to RM10.40 to become Bursa Malaysia's fourth-largest decliner.
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