KUALA LUMPUR, June 25 (Bernama) -- Bursa Malaysia ended lower on Thursday as selling pressure in industrial products and services stocks outweighed gains in the telecommunications sector, an analyst said. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slid 1.09 per cent, or 18.31 points, to end at its intraday low of 1,663.82 from Wednesday’s close of 1,682.13. The index opened 2.32 points higher at 1,684.45 and subsequently hit its day high of 1,685.17 in the early session. Market breadth was negative with decliners outpacing gainers 623 to 478. to A total of 534 counters were unchanged, 1,116 untraded, and 40 suspended. Turnover expanded to 3.18 billion units worth RM2.89 billion, against 2.76 billion units valued at RM2.42 billion on Wednesday.
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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