KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
KUALA LUMPUR (Nov 10): The FBM KLCI dropped 4.53 points or 0.26% today, taking a weak lead from the overnight lower closing on Wall Street following possible delays in its corporate tax cuts.
The benchmark index opened at 1,746.53 points this morning, and was trading between 1,740.94 and 1,748.94 points, before it ended the week at 1,742.28 points.
Inter-Pacific Securities head of research Pong Teng Siew told theedgemarkets that the KLCI traded between small gains and small losses today, mainly because investors were worried over the prospect of the landmark US tax bill which may be delayed until 2019.
“Uncertainties around the US tax plans was a huge trigger for its market, the US market was down last night and it is not surprising that we are experiencing some spillover negative effects,” he said.
Pong also noted some abnormalities on Bursa Malaysia today, as the strengthening of the ringgit against the US dollar to levels just below 4.20 sent export-oriented stocks upwards instead.
Across the board 3.11 billion shares worth RM2.14 billion were traded today. Decliners outpaced gainers at 503 stocks to 342 respectively.
The most actively-traded stocks today were Sumatec Resources Bhd, Hibiscus Petroleum Bhd, Malayan United Industries Bhd and Key Asic Bhd.
Stocks ending in negative territory were led by Kim Loong Resources Bhd, MISC Bhd, Genetec Technology Bhd, and Malayan Smelting Corp Bhd; whereas top gainers were export-oriented KESM Industries Bhd, Hartalega Holdings Bhd and Vitrox Corp Bhd.
Looking to major bourses, Tokyo’s Nikkei 225 lost 0.82% or 187.29 points at 22,681.42 points while South Korea’s Kospi ended 7.62 points or 0.30% down at 2,542.95 points.
Source: The Edge
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