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.
Market Daily Report: KLCI down 5.55 points amid India-Pakistan tension, US-China trade talk uncertainty
KUALA LUMPUR (Feb 27): The FBM KLCI closed 5.55 points or 0.32% lower today at 1,713.45 after the India-Pakistan geopolitical tension hit world stock markets and as US-China trade talk uncertainty affected sentiment.
Reuters reported that Asian shares and Wall Street stock futures turned negative on Wednesday after Pakistan said it had shot down two Indian jets in its territory, sending investors out of riskier markets and into more conservative choices such as the yen. It was reported that Islamabad said on Wednesday it had carried out airstrikes in Indian-controlled Kashmir and shot down two Indian jets in its own airspace, capturing one of the pilots as the risk of conflict between the nuclear-armed neighbours escalates.
It was reported that Indian bonds, stocks and the rupee all sold off. The flare up in geopolitical risks hit broader sentiment, driving investors out of stocks and into safe-haven assets with US stock futures slipping and the Japanese yen gaining.
As global investors took cue from the India-Pakistan geopolitical tension, they were still mindful of the uncertainty from US-China trade talks. In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that "uncertainty from US-China trade talks is still present".
Across Bursa Malaysia today, 2.19 billion shares with a value of RM2.07 billion were traded.
Top decliners included British American Tobacco (M) Bhd, Nestle (M) Bhd and Hong Leong Financial Group Bhd.
Source: The Edge
Top decliners included British American Tobacco (M) Bhd, Nestle (M) Bhd and Hong Leong Financial Group Bhd.
Source: The Edge
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