Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (May 2): The FBM KLCI had today closed 10.05 points or 0.61% lower while Bursa Malaysia's small market capitalisation (small cap) index fell by a larger quantum as investors took cue from less-optimistic views on local financial markets and the ringgit and after US stocks fell overnight on Wednesday.
At 5pm today, the KLCI closed at 1,632.24 while the small cap index fell 173.72 points or 1.27% to 13,447.39.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said today investors might have take cue from market views, including one from DBS Bank Ltd which wrote in a note on Tuesday (April 30) that it had changed its view on Malaysian Government Securities (MGS) from bullish to neutral.
"MGS valuations are no longer cheap and risks around performance have risen. Technicals could be less supportive ahead. Risks and uncertainties around FTSE Russell’s September review is clouding the outlook; MGS and MYR (ringgit) could trade more volatile," DBS said.
Today, Leong told theedgemarkets.com that the KLCI exhibited bearish technical indicators amid weaker sentiment and as investors evaluated the impact of the weakening ringgit on Malaysian stocks.
“The fall in the KLCI is also partly due to the depreciation of the ringgit against the US dollar,” said Leong.
At the time of writing, the ringgit weakened to 4.1380 against the US dollar.
Over the last one year, the ringgit had weakened to current levels from its strongest point against the US dollar at 3.9330.
Across Bursa Malaysia today, 2.68 billion shares worth RM1.95 billion were traded. There were over 600 decliners versus about 220 gainers. Top decliners included KLCI stocks Digi.Com Bhd and Press Metal Aluminium Holdings Bhd.
Malaysian shares resumed trading today after markets were closed on Wednesday for the Labour Day holiday.
Today, Malaysian shares fell following US shares' overnight drop on Wednesday.
Reuters reported that US stocks ended lower on Wednesday and the S&P 500 snapped a three-day streak of record high closes as comments from Federal Reserve Chairman Jerome Powell appeared to dampen hopes the central bank could move later this year to cut interest rates.
Source: The Edge
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