KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs). At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
KUALA LUMPUR (Nov 1): The FBM KLCI closed down 3.99 points or 0.2% partly on Sime Darby Bhd share losses and as foreigners sold Malaysian equities.
At 5pm, the KLCI closed at 1,743.93 points. Sime Darby dipped 11 sen to RM9.09 after Moody's Investors Service downgraded Sime Darby's issuer rating to Baa3 from Baa1.
"The rating outlook is stable. The rating action concludes Moody's review of the company's rating for downgrade, which was initiated on Feb 3 2017, after Sime Darby announced a plan to create three standalone businesses, by retaining its motors, industrial, logistics and other businesses and listing its plantation and property divisions on Bursa Securities Malaysia," Moody's said in a statement yesterday.
Today, Kenanga Investment Bank Bhd analyst Muhammad Afif Zulkaplly told theedgemarkets.com that Sime Darby partly contributed to the outflow of foreign funds from Malaysian shares.
“Locally, foreign outflow is most likely to continue in the next few days. We maintain our outlook on KLCI to be biased on the downside in the near term,” Muhammad Afif said.
Across Bursa Malaysia, decliners led gainers by 453 against 344 respectively. A total of 3.07 billion shares changed hands for RM2.3 billion.
Malaysian shares bucked Asian equity gains. Japan’s Nikkei 225 rose 1.86% while Hong Kong’s Hang Seng climbed 1.23%.
Reuters reported that Asian shares scaled a 10-year high on Wednesday on the back of solid economic growth globally, while oil prices extended a bull run on hopes that major producers will maintain their output cuts.
Source: The Edge
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