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 (July 5): The FBM KLCI closed 4.95 points or 0.29% lower today at 1,682.53 after profit taking marked the course of the trading day against a backdrop of an overbought Malaysian stock market. Tenaga Nasional Bhd (TNB) shares fell.
TA Securities Holdings Bhd senior technical analyst Steven Soo told theedgemarkets.com that profit taking was present among KLCI stocks as investors and traders sought to secure their investment positions before Bursa Malaysia closes for the weekend.
Soo said the Malaysian stock market is slightly overbought.
The US jobs data, due later in the day, was also a factor that was being watched closely by investors, according to him.
“A rate cut has been priced in by the market. What the jobs data will
indicate is the quantum by which the Federal Reserve cuts interest
rates,” he said.
US rate cuts are seen boding well for Asian markets in anticipation that fund managers will shift their money into higher-yielding Asian assets like currencies, stocks and bonds.
Reuters reported that Asian shares hovered near two-month highs on Friday as investors braced for the US employment data, a key release that could stoke or temper market expectations about aggressive policy easing by the Federal Reserve.
It was reported that trade across global markets was expected to remain subdued following the Independence Day holiday in the US on Thursday and ahead of the non-farm payrolls report. According to Reuters, all eyes were now on US non-farm payrolls, which are expected to have jumped by 160,000 in June compared with 75,000 in May.
Across Bursa Malaysia today, 2.58 billion shares worth RM1.83 billion were traded. Top decliners included KLCI components TNB and Petronas Dagangan Bhd.
State-controlled utility TNB shares closed down 54 sen or 3.82% at RM13.60 on news the Government is studying a proposal to liberalise the country's electricity retail sector.
TNB shares cut losses at the 5pm closing bell after the stock fell as much as 70 sen or 5% today.
Source: The Edge
US rate cuts are seen boding well for Asian markets in anticipation that fund managers will shift their money into higher-yielding Asian assets like currencies, stocks and bonds.
Reuters reported that Asian shares hovered near two-month highs on Friday as investors braced for the US employment data, a key release that could stoke or temper market expectations about aggressive policy easing by the Federal Reserve.
It was reported that trade across global markets was expected to remain subdued following the Independence Day holiday in the US on Thursday and ahead of the non-farm payrolls report. According to Reuters, all eyes were now on US non-farm payrolls, which are expected to have jumped by 160,000 in June compared with 75,000 in May.
Across Bursa Malaysia today, 2.58 billion shares worth RM1.83 billion were traded. Top decliners included KLCI components TNB and Petronas Dagangan Bhd.
State-controlled utility TNB shares closed down 54 sen or 3.82% at RM13.60 on news the Government is studying a proposal to liberalise the country's electricity retail sector.
TNB shares cut losses at the 5pm closing bell after the stock fell as much as 70 sen or 5% today.
Source: The Edge
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