KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15. The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session. On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended. Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.
Market Daily Report: KLCI lower as Trump-Kim summit collapses, China reports worst PMI in three years
KUALA LUMPUR (Feb 28): The FBM KLCI fell 5.72 points or 0.33% to close at 1,707.73 as slimmer trade resolution hopes and weaker Chinese factory data dampened global investor sentiment. News that the US-North Korean summit in Hanoi collapsed with no agreement reached had also affected world market dynamics.
Across Asian stock markets, Japan’s Nikkei 225 closed 0.79% lower while South Korea’s Kospi was down 1.76%. In China, the Shanghai Stock Exchange Composite fell 0.44% while Hong Kong's Hang Seng lost 0.43%.
In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the market weakness today was mainly attributable to US President Donald Trump and North Korean leader Kim Jong Un's summit, which was cut short with no agreement reached.
“Besides, the weak China factory data also contributed to the weakness today, after its Purchasing Managers' Index shrank to a three-year low at 49.2 (in February 2019),” Leong said.
Reuters reported that Asian stocks fell on Thursday as investors
dialled back some of their recent optimism about a China-US trade deal
while news that the US-North Korean summit in Hanoi ended early rattled
confidence late in the trading day.
It was reported tha US Trade Representative Robert Lighthizer said on Wednesday it was too early to predict an outcome in talks between Washington and Beijing.
It was reported that Lighthizer told US lawmakers that US issues with China are "too serious" to be resolved with promises from Beijing to purchase more US goods and any deal between the two countries must include a way to ensure commitments are met.
On the US-North Korean summit, it was reported that the White House said today Trump and Kim did not reach an agreement at the end of two days of meetings but had constructive discussions on denuclearisation.
Across Bursa Malaysia today, 2.57 billion shares worth RM2.97 billion were traded. Top decliners included Nestle (M) Bhd and AirAsia Group Bhd.
AirAsia Group, which also ended among top-active stocks, closed 27 sen down at RM2.77. The stock saw some 75 million shares traded.
Source: The Edge
It was reported tha US Trade Representative Robert Lighthizer said on Wednesday it was too early to predict an outcome in talks between Washington and Beijing.
It was reported that Lighthizer told US lawmakers that US issues with China are "too serious" to be resolved with promises from Beijing to purchase more US goods and any deal between the two countries must include a way to ensure commitments are met.
On the US-North Korean summit, it was reported that the White House said today Trump and Kim did not reach an agreement at the end of two days of meetings but had constructive discussions on denuclearisation.
Across Bursa Malaysia today, 2.57 billion shares worth RM2.97 billion were traded. Top decliners included Nestle (M) Bhd and AirAsia Group Bhd.
AirAsia Group, which also ended among top-active stocks, closed 27 sen down at RM2.77. The stock saw some 75 million shares traded.
Source: The Edge
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