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KUALA LUMPUR (Oct 22): The benchmark FBM KLCI closed 9.67 points or 0.56% lower at 1,722.47 points on Monday, marking its third straight day of decline as investor sentiments were marred by ongoing external uncertainties.
The index has lost 1.04% since it closed at 1,740.59 points on Wednesday, and is down 4.14% on a year-to-date basis. Decliners outpaced gainers at 497 versus 315, while 354 counters settled unchanged. Total trading volume stood at 1.95 billion shares worth RM1.68 billion, lower than Friday's 2.41 billion shares worth RM2.3 billion.
“Investors in the market are still not too clear about [directions
of] present issues [like] the US-China trade tension, the unstable
geopolitical situation in the Middle East and some of the currency
movements. It could also be due to talks about US’ December rate hike,”
he explained.
Wong also noted that the months of October and November are typically when fund managers move to the sidelines, in view of upcoming holidays, which could explain the low volume.
In contrast, bourses elsewhere in the region closed higher, with Japan’s Nikkei 225 and South Korea’s Kospi finishing with a marginal 0.37% and 0.25% gain. In China, the Shanghai Stock Exchange Composite Index grew 4.09% while Hong Kong’s Hang Seng Index advanced 2.32%.
Reuters reported Asian share markets rebounded as the promise of more Chinese stimulus helped offset some of the geopolitical concerns over Saudi Arabia, Italy and Brexit, while investors braced for the peak of the US earnings season.
Back at Bursa, top decliners were British American Tobacco (Malaysia) Bhd and Nestle (Malaysia) Bhd, while top gainers included Dutch Lady Milk Industries Bhd and United Plantations Bhd.
The most actively traded stock was My EG Services Bhd, which recovered after hitting limit-down last Friday amid uncertainties over their government contracts after the company's name was mentioned in one of the graft charges brought against former Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.
Datasonic Group Bhd — also mentioned in Zahid’s corruption charges — was the second most actively traded stock and closed 6.2% lower. Both companies have denied involvement in the cases.
Source: The Edge
Wong also noted that the months of October and November are typically when fund managers move to the sidelines, in view of upcoming holidays, which could explain the low volume.
In contrast, bourses elsewhere in the region closed higher, with Japan’s Nikkei 225 and South Korea’s Kospi finishing with a marginal 0.37% and 0.25% gain. In China, the Shanghai Stock Exchange Composite Index grew 4.09% while Hong Kong’s Hang Seng Index advanced 2.32%.
Reuters reported Asian share markets rebounded as the promise of more Chinese stimulus helped offset some of the geopolitical concerns over Saudi Arabia, Italy and Brexit, while investors braced for the peak of the US earnings season.
Back at Bursa, top decliners were British American Tobacco (Malaysia) Bhd and Nestle (Malaysia) Bhd, while top gainers included Dutch Lady Milk Industries Bhd and United Plantations Bhd.
The most actively traded stock was My EG Services Bhd, which recovered after hitting limit-down last Friday amid uncertainties over their government contracts after the company's name was mentioned in one of the graft charges brought against former Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.
Datasonic Group Bhd — also mentioned in Zahid’s corruption charges — was the second most actively traded stock and closed 6.2% lower. Both companies have denied involvement in the cases.
Source: The Edge
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