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 31): The FBM KLCI fell 7.82 points or 0.48% today to
settle at 1,634.87 points after Asian share markets closed down as fresh
trade war concerns emerged due to threats from US President Donald
Trump to China.
Global investors are also anticipating the widely-expected US intrest rate cut as they evaluated the impact of a no-deal Brexit on currency markets. Across Asian stock indices today, Japan's Nikkei 225 closed down 0.86%, South Korea's Kospi fell 0.69% while Hong Kong's Hang Seng dropped 1.31%.
Reuters reported that Asian shares fell on Wednesday to a six-week trough, rattled by fresh trade war concerns following threats from Trump to Beijing, while increasing worries about a no-deal Brexit kept the pound under pressure.
It was reported that as trade talks between the world's two biggest
economies continued in Shanghai on Tuesday, Trump warned China against
trying to wait out his first term in office to finalise a deal. It was
reported that Trump tweeted that, if he wins re-election in November
2020, the outcome could be no agreement or a harsher one.
On US monetary policy, it was reported that later in the day, the US Federal Reserve is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago.
In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that as the US-China trade spat persisted, "no one knows what the outcome will be".
On US monetary policy, Wong said the current US economic condition does not indicatively show that there should be an interest rate cut although bond markets have priced in a rate reduction.
"Either way, it (rate cut or no rate cut) will negatively affect the markets," he said.
Across Bursa Malaysia, Wong observed that investors might have trod a cautious path amid global uncertainties after Bursa decliners led gainers by 499 to 257 respectively on what appeared to be broad-based selling across the exchange.
Top Bursa decliners included KLCI stocks Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Public Bank Bhd.
Source: The Edge
Global investors are also anticipating the widely-expected US intrest rate cut as they evaluated the impact of a no-deal Brexit on currency markets. Across Asian stock indices today, Japan's Nikkei 225 closed down 0.86%, South Korea's Kospi fell 0.69% while Hong Kong's Hang Seng dropped 1.31%.
Reuters reported that Asian shares fell on Wednesday to a six-week trough, rattled by fresh trade war concerns following threats from Trump to Beijing, while increasing worries about a no-deal Brexit kept the pound under pressure.
On US monetary policy, it was reported that later in the day, the US Federal Reserve is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago.
In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that as the US-China trade spat persisted, "no one knows what the outcome will be".
On US monetary policy, Wong said the current US economic condition does not indicatively show that there should be an interest rate cut although bond markets have priced in a rate reduction.
"Either way, it (rate cut or no rate cut) will negatively affect the markets," he said.
Across Bursa Malaysia, Wong observed that investors might have trod a cautious path amid global uncertainties after Bursa decliners led gainers by 499 to 257 respectively on what appeared to be broad-based selling across the exchange.
Top Bursa decliners included KLCI stocks Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Public Bank Bhd.
Source: The Edge
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