KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
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
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