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Market Daily Report: Buying In Consumer Stocks Helps Bursa Malaysia Close Slightly Higher

KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99.  The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
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Market Daily Report: FBM KLCI down on 11th-hour profit taking; ringgit weakens




KUALA LUMPUR (May 15): The FBM KLCI dropped 2.22 points or 0.1% after investors took profit in the final trading minutes.

Investors took profit following the KLCI's rise as they evaluated Malaysia's outlook after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election.

At 5pm today, the KLCI ended at 1,848.20 points after investors sold KLCI-linked Public Bank Bhd shares at the 11th hour. Public Bank shares fell 80 sen to close at RM24 to become Bursa Malaysia's third-largest decliner. The KLCI had also declined on losses in stocks including YTL Corp Bhd and Genting Bhd.

The KLCI closed lower after rising to its intraday high at 1,860.59 points today. Yesterday, the KLCI climbed 3.91 points to 1,850.42 points.

Today, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “Investors were doing some last-minute profit taking. The breadth in the market was turning negative today although the index (KLCI) was up at the earlier part. However, towards closing, we have more down stocks than up stocks."

Across Bursa Malaysia, decliners led gainers by 501 to 455 respectively. A total of 4.31 billion shares worth RM4.45 billion were traded.

Malaysian shares fell with Asian equities. Japan's Nikkei 225 fell 0.21%, South Korea's Kospi lost 0.71% while Hong Kong’s Hang Seng dropped 1.23%.

In Malaysia, Pong said there was pressure on Asian stock markets as investors anticipated a US interest rate hike. Such sentiment caused the US dollar to strengthen against global currencies. The ringgit weakened to 3.9562 against the US dollar at 5:47pm.

“Most of the regional (stock) markets were down today. Generally, markets in Asia were being pressured by expectation of the (US) rate hike, (the anticipation of which,) caused funds to flow back to US.


Source: The Edge
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