KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
KUALA LUMPUR (March 21): The FBM KLCI slid 20.55 points or 1.22% as investors sold banking shares on expectations that Bank Negara Malaysia may cut interest rates amid lower domestic consumer prices. Plantation and glove manufacturers' shares also fell as the ringgit strengthened.
At 5pm, the KLCI settled at 1,663.66. Among the 30 KLCI stocks, worst hit, in percentage terms, was AMMB Holdings Bhd followed by PPB Group Bhd and Top Glove Corp Bhd.
AMMB closed down 14 sen or 3.04% at RM4.47, PPB fell 50 sen or 2.73% to RM17.82 while Top Glove dropped 12 sen or 2.62% to RM4.46. The ringgit strengthened to 4.0610 against the US dollar at the time of writing after appreciating to its strongest intraday level at 4.0545 following the US' announcement of a more dovish monetary stance.
Reuters reported that the US Federal Reserve's new projection knocked the number of interest rate hikes expected this year to zero from the two forecast in December in the face of an apparent jump in economic risks
.
In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com: “Notable decliners were banking heavyweights, on expectations that Bank Negara may adopt an easing monetary policy, by trimming its overnight policy rate to combat the slowdown in Malaysia’s economic growth.”
Plantation shares fell due to expectation that a firmer ringgit will
make Malaysian palm oil more expensive in world markets. Export-based
glove manufacturers' shares dropped as a stronger ringgit means these
companies' US dollar-based earnings will be less in ringgit terms.
The Malaysian stock market's performance is also closely watched ahead of the country's February inflation data release after January data showed prices fell into deflationary territory for the first time since November 2009.
February inflation data, as measured by the consumer price index (CPI), is scheduled for release tomorrow (March 22), according to the Statistics Department's website.
Source: The Edge
The Malaysian stock market's performance is also closely watched ahead of the country's February inflation data release after January data showed prices fell into deflationary territory for the first time since November 2009.
February inflation data, as measured by the consumer price index (CPI), is scheduled for release tomorrow (March 22), according to the Statistics Department's website.
Source: The Edge
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