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.
KUALA LUMPUR (May 23): In line with major regional indexes, the FBM KLCI declined today, falling 1.87 points to close at 1,601.87 points. The drop in the benchmark index was led by Petronas Chemicals Group Bhd, RHB Bank Bhd and AMMB Holdings Bhd.
Commodity prices remain under pressure from an expected escalation in the trade war, which could impact future demand, said Mohd Redza Abdul Rahman, head of research at MIDF.
"Oil price hovers around US$70 per barrel for Brent and the palm oil price is still trading below RM2,000 per metric tonne as the ringgit continues to depreciate, currently at 4.1940 against the US dollar. This was made worse by poorer-than-expected results of companies such as IOI Corp Bhd," he told theedgemarkets.com.
Market breadth was negative by over three times on Bursa Malaysia today as 644 counters declined while only 177 stocks recorded gains.
The most actively traded stocks were Vortex Consolidated Bhd, Sapura Energy Bhd and Dayang Enterprise Holdings Bhd.
Shares in Asia had slumped to multi-month lows on the back of concerns that the trade war would continue to escalate, further hurting global growth and business investment, Reuters reported.
Japan's Nikkei slipped 0.62% while China's CSI300 was down to its lowest point since late February after losing 1.79% today.
Source: The Edge
Shares in Asia had slumped to multi-month lows on the back of concerns that the trade war would continue to escalate, further hurting global growth and business investment, Reuters reported.
Japan's Nikkei slipped 0.62% while China's CSI300 was down to its lowest point since late February after losing 1.79% today.
Source: The Edge
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