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 2): Malaysian shares started the week lower, along with its regional peers as concerns about the potential for a trade war between the US and China continue to drag down the FBM KLCI.
At 5pm, the benchmark index fell by 6.45 points or 0.38% to close at 1,685.05 points, after hitting an intra-day high of 1,697.15 points. The index fell to an intraday low of 1,677.33 points.
When contacted, Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told theedgemarkets.com that despite the KLCI opening higher at opening bell today, it gave up all its intra-day gains by market close due to the concerns.
"Concerns (on the trade war) would persist in the short term as there will be tariff from US on US$34 billion worth of China goods by July 6, and there might be more to come as indicated by US President Donald Trump," he said.
"Oil price also [saw] some pullback today. Generally, the market was quite bearish today, the silver lining would be the resilience among the consumer product sector as they are defensive in nature," Leong added.
Reuters reported that a renewed slide in Chinese shares and a sobering set of factory surveys dragged down Asian markets today, while the euro and the Mexican peso were both jolted by political developments at home.
Regionally, Japan's Nikkei slipped by 2.21% today, together with South Korea's Kospi, which was down 2.35%, while Hong Kong Hang Seng Index rose 1.61%.
Trading volume decreased to 1.7 billion shares worth RM1.62 billion compared with Friday's 2.23 billion shares worth RM2.98 billion. There were 342 gainers versus 505 losers, while 378 counters remained unchanged.
Top gainers were led by Supermax Corp Bhd, while British American Tobacco (M) Bhd was the biggest decliner on Bursa Malaysia. Sapura Energy Bhd was the most actively traded counter, with 123.05 million shares done.
Source: The Edge
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