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 (Jan 22): The FBM KLCI gained 4.32 points or 0.2% after the index erased losses in tandem with Asian shares. Reuters reported that Asian shares remained resilient despite the pullback in US shares after the the US government was forced to shut down as investors saw limited economic fallout from the standoff in the US capital.
"After all, people know this is just a political show. Neither Republicans nor Democrats can afford to keep dragging their feet for long ahead of mid-term elections this year," Masashi Murata, senior currency strategist at Brown Brothers Harriman was quoted as saying in Tokyo.
At Bursa Malaysia, the KLCI closed at 1,833.15 points at 5pm after falling to its intraday low of 1,825.86 points.
Across Asia, Japan’s Nikkei 225 rose 0.03% while Hong Kong’s Hang Seng climbed 0.43% after both indices erased intraday losses.
In Malaysia, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that he believed the continuation of the stock market rally "has legs to run" until the country's 14th general election, which must be held by August 2018.
Today, Lau also noted that foreign fund flows into Malaysian shares are still strong although the level seemed to have gradually decreased in recent weeks. "Year-to-date, foreign investors are still net buyers," he said.
Across Bursa Malaysia today, trading volume was 4.62 billion shares worth RM2.87 billion. The most-active stock was Sumatec Resources Bhd which saw some 566 million shares traded. Sumatec shares rose one sen to 11.5 sen.
Source: The Edge
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