KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia closed marginally lower on Friday, as cautious sentiment persisted, with investors remaining on the sidelines amid ongoing conflicts in West Asia, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.80 points, or 0.16 per cent, to 1,695.50 from Thursday’s close of 1,698.30. The benchmark index opened 5.82 points higher at 1,704.12, and moved between 1,693.65 and 1,708.12 throughout the day. However, market breadth remained positive, with gainers outnumbering losers 634 to 415, while 521 counters were unchanged, 1,077 untraded and 10 suspended. Turnover improved to 3.38 billion units worth RM2.95 billion from yesterday’s 3.20 billion units worth RM3.50 billion.
Market Daily Report: FBM KLCI lower after 11th-hour profit taking as market adjusts to new Malaysian government
KUALA LUMPUR (May 17): The FBM KLCI fell 3.82 points or 0.2% on profit taking in the final trading minutes and as markets adjusted to the new Malaysian government under Pakatan Harapan.
Fund managers said there was foreign selling of local shares.
At 5pm, the KLCI closed at 1,854.44 points after investors sold KLCI-linked stocks Astro Malaysia Holdings Bhd and AMMB Holdings Bhd. Other KLCI-linked decliners included Telekom Malaysia Bhd and YTL Corp Bhd.
The KLCI closed lower after rising to its intraday high at 1,867.09 points.
Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said the market still needs time to digest new policies by the new Malaysian government. Wong said there was still foreign selling of local shares as foreign investors do not like uncertainty.
“They have been reducing some of their stocks. This may be due to uncertainty in the Malaysian market which they do not like. However it may also be due to external factors such as higher US treasury yields (which) impacted flow of funds,” Wong told theedgemarkets.com.
Across Bursa Malaysia, 3.33 billion shares worth RM3.78 billion were traded. Top decliners included George Kent (M) Bhd and My E.G. Services Bhd.
Source: The Edge

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