KUALA LUMPUR, Sept 25 (Bernama) -- Bursa Malaysia ended flat on Friday amid concerns over rising US Treasury yields and escalation in West Asia. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.69 points, or 0.04 per cent, to 1,671.62, from Thursday’s close of 1,672.31. The benchmark index, which opened 2.56 points higher at 1,674.87, moved between 1,666.99 and 1,675.47 during the day. Market breadth was nearly even, with decliners outnumbering gainers 590 to 575. A total of 534 counters were unchanged, while 1,224 were untraded and 43 suspended. Turnover widened to 4.07 billion units worth RM2.69 billion from 3.32 billion units valued at RM2.74 billion on Thursday.
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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