KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
KUALA LUMPUR (April 29): The FBM KLCI closed down 0.98 point or 0.06% today after retail buying across Bursa Malaysia appeared to be dampened by the two-day securities settlement cycle (T+2 settlement cycle) debut on the local bourse. The T+2 settlement cycle replaces the T+3 scheme.
At 5pm, the KLCI closed at 1,637.4 after falling to its intraday low at 1,631.83. On Friday (April 26), Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said in a statement that “the launch of T+2 settlement cycle will bring Bursa Malaysia in line with regional and major exchanges around the world".
The statement said Friday was the last trading day for the T+3 settlement cycle.
Today, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said it was “uncharacteristic” of the KLCI to decline amid increases in most Asian markets. Pong pointed to the implementation of the T+2 scheme as a possible factor behind the KLCI's fall.
“The KLCI dipped, indicating a bit of apprehension, despite other markets doing relatively okay. This may have something to do with T+2 coming into play today, which may have dampened buying activity among the retail investors,” he told theedgemarkets.com.
Across Bursa Malaysia, 2.53 billion shares worth RM1.64 billion were traded. There were 546 decliners and 241 gainers.
Leading decliners included British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd and Lotte Chemical Titan Holding Bhd.
Malaysian shares fell despite increases in Asian markets. Reuters reported that Asian shares climbed on Monday, with markets in Europe poised to track their gains, after strong US first-quarter economic growth and data showing profits at Chinese industrial firms grew for the first time in four months.
It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 percent, rebounding from its biggest weekly drop in more than a month last week. It was reported that Japan's financial markets are closed for a long national holiday this week, but Nikkei 225 futures in Singapore was 0.9 percent higher.
Source: The Edge
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