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 (June 27): Malaysian stocks extended their loss for the third consecutive day, dragged by telecommunication stocks and in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region.
The key FBM KLCI finished 9.78 points or 0.58% lower at 1,666.08 points today.
The benchmark index was also dragged lower by a decline in blue-chip stock Malayan Banking Bhd, whose market value dropped below the RM100 billion mark to RM96.08 billion at closing bell. The counter closed at RM8.68, down 32 sen or 3.56%.
According to Hong Leong Investment Bank Research analyst Loui Low Ley Yee, the imminent downward pricing of broadband packages that could intensify competition among telco players remained a concern for investors.
Shares in Telekom Malaysia Bhd (down 1.63% to RM3.01), Maxis Bhd (down 3.47% to RM5.29), Axiata Bhd (down 0.98% to RM4.05) and DiGi.Com Bhd (down 1.93% to RM4.07) closed lower today.
"While we do not yet know the full amount implicated in the US-China trade war, a slowdown in production may affect intermediary supply chains such as Malaysia," Low told theedgemarkets.com.
The market traded in a range of 1,666.08 to 1,681.44 throughout the day. Trading volume increased to 2.01 billion shares worth RM1.99 billion compared with yesterday's 1.88 billion shares worth RM1.93 billion.
Across Bursa Malaysia, decliners led gainers by 558 counters against 278.
Regionally, Japan's Nikkei closed down 0.3%, South Korea's Kospi was down 0.38%, Hong Kong's Hang Seng fell 1.8% and Singapore shares closed 0.8% lower.
Source: The Edge
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