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 17): The FBM KLCI inched up 3.55 points or 0.2% on what appears to be a technical rebound following four consecutive days of losses. Meanwhile, the ringgit strengthened against the US dollar.
At 5pm, the KLCI ended at 1,721.66 points. Yesterday (Thursday), the index fell 4.88 points to 1,718.11 points.
Today, TA Securities Holdings Bhd wrote in a note: "Persistent profit-taking on index heavyweights pressured the local bluechip benchmark lower for a fourth straight session Thursday. (Today) The cautious market undertone and bearish momentum should continue to pressure the index lower, before oversold conditions spark a technical rebound."
Despite the KLCI's rise today, analysts are still mindful of the sustainability of the index's gain. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the market is cautious as investors had taken the brunt of foreign funds' outflow from Malaysian equities.
“The market is still jittery, as foreign selling has gathered pace over the past week and today’s price action does not seem to indicate a reverse into net buying,” Pong said.
Across Bursa Malaysia, gainers outpaced decliners at 411 to 363 respectively. A total of 2.21 billion shares worth RM2.23 billion were traded.
Top gainer was KLCI-linked Genting Bhd after investors bargain hunted for the stock. Genting rose 28 sen to close at RM9.20.
In currency markets, the ringgit appreciated to its strongest level in a year today at 4.1563 against the US dollar. The exchange rate was between 4.1563 and 4.1735 today.
Over the last one year, the exchange rate was between 4.1563 and 4.5002.
Source: The Edge
Comments
Post a Comment