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 (July 27): The FBM KLCI climbed 2.91 points or 0.17% after last-minute buying of blue-chip counters like Petronas Gas Bhd and Hong Leong Bank Bhd helped the KLCI erase losses.
At 5pm, the KLCI closed at 1,769.14 points. Bursa Malaysia top gainer Petronas Gas added 46 sen to RM19 while Hong Leong Bank rose 14 sen to RM18.76.
The KLCI erased losses after falling to its intraday low at 1,760.25 points amid simmering US-China trade tension. Reuters reported that most Southeast Asian stock markets declined on Friday, as simmering US-China trade tensions kept investor risk appetite low, while Indonesia extended gains on robust corporate earnings.
It was reported that China stocks ended down on Friday, as investors were cautious amid concerns over the Sino-US trade friction. It was reported that the US signalled on Thursday it is set to push ahead on trade talks with Canada and Mexico, after agreeing to suspend hostilities over tariffs with Europe in a fragile deal that may clear the way for renewed pressure on China.
In Malaysia today, Kenanga Investment Bank Bhd head of research Chan Ken Yew told theedgemarkets.com that the KLCI's recent rise was mainly due to technical rebound. Chan said the technical rebound followed the sharp decline across emerging markets, including Malaysian stocks.
"The (Malaysian) market is still looking for another catalyst for this positive momentum to continue. Perhaps, the upcoming earnings (reporting) season in the coming month will give the market the much-needed push,” he said.
Source: The Edge
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