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 ...
KUALA LUMPUR (Nov 2): The FBM KLCI gained 6.95 points or 0.41% to close at 1,713.87 after Asian shares ended higher and as Malaysia unveiled its Budget 2019.
Asian equities rose on news the US is taking steps to resolve a damaging trade war with China.
Reuters reported that Asian shares rocketed to three-week highs on Friday while the dollar softened on a report that US President Donald Trump is taking steps to resolve a damaging trade war with China that has cast a pall over the global economy and financial markets recently.
It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan jumped 2.7 percent to hit its highest level since Oct 10. It is up 6.4 percent on the week, on course to mark its best weekly performance in three years.
Among Asian stock indices today, Japan’s Nikkei 225 gained 2.56%, Hong Kong’s Hang Seng gained 4.21% while South Korea’s Kospi rose 3.53%.
In Malaysia, JF Apex Securities Bhd said the positive performance in global markets including US stocks' overnight rise, had supported gains in the Malaysian market today. “With the overnight bullish performance in the US and Europe, the KLCI is expected to resume its rebound with resistance at 1,750 points,” JF Apex said in a note earlier today.
Across Bursa Malaysia today, 3.16 billion shares were traded for RM2.53 billion. Top gainer was British American Tobacco (M) Bhd while Genting Bhd led decliners.
Genting shares closed down 20 sen at RM7.20 after Finance Minister Lim Guan Eng said during Malaysia's Budget 2019 tabling today that the country will raise the annual casino licence fee from RM120 million to RM150 million. Lim also said casino tax will be increased to 35% of gross income.
Source: The Edge
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