KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (June 12): The FBM KLCI fell 11.64 points or 0.7% while the ringgit weakened as investors anticipated major central banks' monetary policies this week.
At 5pm, the KLCI finished at 1,764.16 points after the ringgit depreciated to its weakest level today against the US dollar at 3.9940.
Reuters reported that the US Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.
It was reported that the European Central Bank (ECB) meets on June 14, when it could signal intentions to start unwinding its massive bond purchasing programme. Also, the Bank of Japan on Friday concludes a two-day meeting at which it is widely expected to keep its loose monetary policy intact.
In Malaysia today, JF Apex Securities Bhd senior research analyst Lee Cherng Wee said that catalysts that investors will be looking for this week include the potential outcome of the US Federal Reserve and ECB meetings.
“All eyes will be on the interest rate announcements by the Fed and ECB’s stand on its quantitative easing policy,” Lee told theedgemarkets.com
Across Bursa Malaysia today, 2.36 billion shares valued at RM2.39 billion were traded. Top decliners included Top Glove Corp Bhd, S P Setia Bhd and Genting Bhd.
Leading gainers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd and Nestle (M) Bhd.
Source: The Edge

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