KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
KUALA LUMPUR (May 8): The FBM KLCI fell 0.35% today in tandem with the downtrend in Asian markets amid continued fears of a breakdown in US-China trade negotiations.
The benchmark index ended 5.82 points lower at 1,633.55.
Bursa Malaysia's other indices were also in the red save for the telecommunications and real estate investment trust indices. A total of 2.47 billion shares worth RM2.06 billion were traded.
TA Securities technical analyst Steven Soo said trading was quite choppy as the market remained jittery due to the US-China trade deal sentiments.
"This Friday is the deadline. In terms of trading, there will be
squaring off on short-term trades pending more solid cues on the
US-China situation. Given the time difference, Malaysia would know by
Saturday. So expect things to be clearer next week for us," he said.
In the meantime, Soo said the market is expected to remain weak for the rest of the week.
Reuters reported that investors are now focused on the trade talks on Thursday and Friday in Washington, where Chinese Vice Premier Liu He will try to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.
Trump had said on Sunday that he would raise tariffs on US$200 billion worth of Chinese goods to 25% from 10%, while US trade negotiators said late on Monday that China had backtracked from commitments made earlier.
Among other Asian indices, Japan's Nikkei 225 fell 1.46% and South Korea's Kospi dropped 0.41%. The Shanghai Stock Exchange Composite closed down 1.12% and Hong Kong's Hang Seng fell 1.23%.
Source: The Edge
In the meantime, Soo said the market is expected to remain weak for the rest of the week.
Reuters reported that investors are now focused on the trade talks on Thursday and Friday in Washington, where Chinese Vice Premier Liu He will try to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.
Trump had said on Sunday that he would raise tariffs on US$200 billion worth of Chinese goods to 25% from 10%, while US trade negotiators said late on Monday that China had backtracked from commitments made earlier.
Among other Asian indices, Japan's Nikkei 225 fell 1.46% and South Korea's Kospi dropped 0.41%. The Shanghai Stock Exchange Composite closed down 1.12% and Hong Kong's Hang Seng fell 1.23%.
Source: The Edge
Comments
Post a Comment