KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
Market Daily Report: KLCI cuts losses after slumping below 1,600 points as trade tension hurts sentiment
KUALA LUMPUR (May 13): The FBM KLCI closed 9.18 points or 0.57% lower today at 1,601.09 after slumping below 1,600 as the China-US trade war escalation hurt world market sentiments.
Bursa Malaysia small market capitalisation (small-cap) stocks fell by a larger quantum while the ringgit weakened as global institutional investors sold Malaysian equities.
At 5pm, the KLCI cut losses to close at 1,601.09 after falling to its intraday low at 1,598.6. Bursa Malaysia's small-cap index closed down 326.31 points or 2.49% at 12,762.25.
Globally, Reuters reported that US stock futures and Asian shares fell on Monday on growing anxiety over whether the US and China will be able to salvage a trade deal, after Washington sharply hiked tariffs and Beijing vowed to retaliate. It was reported that the US and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.
According to Reuters, investors are bracing for threatened "counter-measures" from China in retaliation for Washington's tariff increase on Friday on US$200 billion worth of Chinese goods. It was reported that the move followed accusations by US President Donald Trump that Beijing "broke the deal" by reneging on earlier commitments.
In Malaysia today, Areca Capital Sdn Bhd chief executive officer
Danny Wong Teck Meng told theedgemarkets.com that "the market remained
down pending a more concrete outcome" from the China-US trade talks.
Across Bursa Malaysia, decliners led gainers at 757 to 145 after investors sold local equities amid the China-US escalating trade tension and as investors evaluated Malaysia's economic growth outlook.
The ringgit weakened today amid such sentiments. Against the US dollar, the ringgit depreciated to its weakest intraday level at 4.1678. Compared to the euro, the ringgit depreciated to its weakest point today at 4.6817.
Bloomberg reported that the ringgit edged lower for a 10th day as investors shunned risk assets after US-China trade talks stalled and global funds sold Malaysian equities.
Source: The Edge
Across Bursa Malaysia, decliners led gainers at 757 to 145 after investors sold local equities amid the China-US escalating trade tension and as investors evaluated Malaysia's economic growth outlook.
The ringgit weakened today amid such sentiments. Against the US dollar, the ringgit depreciated to its weakest intraday level at 4.1678. Compared to the euro, the ringgit depreciated to its weakest point today at 4.6817.
Bloomberg reported that the ringgit edged lower for a 10th day as investors shunned risk assets after US-China trade talks stalled and global funds sold Malaysian equities.
Source: The Edge
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