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 (Sept 14): The FBM KLCI rose 11.16 points or 0.62% with Asian markets as sentiment remained buoyant on the expected renewal of China-US trade talks. Morgan Stanley's move to upgrade Malaysia stocks to equal weight also supported the country's blue-chip shares.
At 5pm, the KLCI closed at 1,803.76. Asian shares made notable gains after Japan’s Nikkei 225 closed up 1.2% while South Korea’s Kospi was 1.4% higher. Elsewhere, Hong Kong's Hang Seng rose 1.01%.
Reuters reported that shares across most of Asia rose on Friday on expectations that the US and China could launch a fresh round of trade talks, and as a surprisingly sharp interest rate hike in crisis-hit Turkey supported the lira and global risk appetite.
In Malaysia, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that "Malaysia’s blue chips were also supported by an upgrade to equal weight by Morgan Stanley".
Bloomberg reported that after Morgan Stanley cut its MSCI EM index target for a third time this year, Morgan Stanley has made more ratings changes for stocks in four countries.
Malaysia was upgraded to equal weight, Turkey was downgraded to underweight, South Africa cut to equal weight and Poland raised to overweight, Bloomberg reported. “India, Chile, Hong Kong and Malaysia exhibit a good combination of low beta and high beta estimate stability vs peers,” analysts led by Steven Ye were quoted as saying in a note published Sept 13.
Soo said investors may take profit once the KLCI reaches the 1,828-point level. “This is pending external concerns,” he said, noting that investors are largely trading based on day-to-day developments on the China-US trade tension.
On Monday (Sept 17), Bursa Malaysia and its subsidiaries will be closed in lieu of Malaysia Day which falls on Sunday.
"Bursa Malaysia and its subsidiaries will resume operations on Tuesday, 18 September 2018," the bourse operator and regulator said in a statement.
Source: The Edge
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