KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
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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