Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
Market Daily Report: FBM KLCI drops 10.47 points, Bursa share value dips below RM1.5b as trade war hits sentiment
KUALA LUMPUR (Sept 24): The FBM KLCI dropped 10.47 points or 0.58% on profit taking in light of heightened China-US trade war concerns. At 5pm, the KLCI settled at 1,800.17 while share-trade value across Bursa Malaysia fell to RM1.499 billion.
Reuters reported that Asian shares stumbled in holiday-thinned trading on Monday as China's decision to cancel talks with the United States sparked fears of a protracted trade war, while oil rallied as Saudi Arabia ruled out increasing supplies to cool crude prices.
Investors were squarely focused on the Sino-US trade war as China added US$60 billion of US products to its import tariff list, retaliating against US duties on US$200 billion of Chinese goods that came into effect at 0401 GMT Monday. China also cancelled mid-level trade talks with the United States, as well as a proposed visit to Washington by Vice Premier Liu He which had been scheduled for this week, the Wall Street Journal reported.
In Malaysia today, Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee told theedgemarkets.com: “It was a mixed market. There were selective profit-taking activities [locally].
Across Bursa Malaysia, 1.64 billion shares worth RM1.499 billion exchanged hands. Today's share-trade value was much lower than the RM3.61 billion registered on Friday.
Today's top decliners included KLCI constituent stocks such as Hong Leong Bank Bhd, Press Metal Aluminium Holdings Bhd and Tenaga Nasional Bhd.
Across Asia, Hong Kong’s Hang Seng fell 1.62% amid holiday-thinned trading today as Mainland China, Japan and South Korea markets were closed for holidays. Tomorrow (Sept 25), Hong Kong markets will be closed in conjunction with the day following the Chinese Mid-Autumn Festival.
Source: The Edge
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