KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA
LUMPUR (Nov 14): The FBM KLCI made an eleventh hour gain to close at an
intra-day high after being in the negative zone for most of the day,
weighed down by weak crude oil prices, which impacted market sentiment.
At 5pm, the benchmark index closed at 1,688.41 points, up 0.84 points or 0.05% after slipping to a low of 1,678.82 today.
CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that apart from weak crude oil prices, investors anticipate third quarter corporate earnings to be tepid.
"It is widely expected that third quarter earnings are not going to be exciting. Also in the near term, investors are cautious that global growth is slowing down due to global trade protectionism.
At 5pm, the benchmark index closed at 1,688.41 points, up 0.84 points or 0.05% after slipping to a low of 1,678.82 today.
CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that apart from weak crude oil prices, investors anticipate third quarter corporate earnings to be tepid.
"It is widely expected that third quarter earnings are not going to be exciting. Also in the near term, investors are cautious that global growth is slowing down due to global trade protectionism.
"Technically, the KLCI movement is showing a lower low and lower high
formation, a pattern that indicates the KLCI would likely be in the
downtrend. Even if there is bargain hunting in the near term, the index
rebound will be capped because overall sentiment remains weak," he said.
Brent crude prices remained soft today, trading at around US$65 per barrel after a steep drop from US$70.12 yesterday.
Reuters reported that oil prices extended a steep slide on Wednesday on the back of worries about weakening world demand and oversupply, while global shares sagged as pressures in the energy sector heightened anxiety about a slow-down in the global economy.
Japan's Nikkei gained 0.16% today, while the Hong Kong's Hang Seng Index dropped 0.54%, and South Korea's Kospi fell 0.15%.
On Bursa Securities, total trading volume amounted to 2.21 billion shares worth RM1.92 billion. There were 314 gainers versus 564 losers, and 295 counters unchanged.
AirAsia Group Bhd was a notable gainer today, while losers included YNH Property Bhd, UMW Holdings Bhd and FGV Holdings Bhd.
Hibiscus Petroleum Bhd was the most actively traded counter, with 112.40 million shares changing hands.
Source: The Edge
Brent crude prices remained soft today, trading at around US$65 per barrel after a steep drop from US$70.12 yesterday.
Reuters reported that oil prices extended a steep slide on Wednesday on the back of worries about weakening world demand and oversupply, while global shares sagged as pressures in the energy sector heightened anxiety about a slow-down in the global economy.
Japan's Nikkei gained 0.16% today, while the Hong Kong's Hang Seng Index dropped 0.54%, and South Korea's Kospi fell 0.15%.
On Bursa Securities, total trading volume amounted to 2.21 billion shares worth RM1.92 billion. There were 314 gainers versus 564 losers, and 295 counters unchanged.
AirAsia Group Bhd was a notable gainer today, while losers included YNH Property Bhd, UMW Holdings Bhd and FGV Holdings Bhd.
Hibiscus Petroleum Bhd was the most actively traded counter, with 112.40 million shares changing hands.
Source: The Edge
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