KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
KUALA LUMPUR (Sept 18): The FBM KLCI settled down 4.81 points or 0.3% today at 1,599.49 as investors exercised caution ahead of the US interest rate decision and as crude oil prices fell.
Reuters reported that with a 25-basis point US rate cut seen as near-certain upon conclusion of the US Federal Reserve's Federal Open Market Committee two-day meeting on Wednesday (Sept 18), investors will look at the Federal Reserve's statements for clues on the future policy direction of the central bank.
It was reported that crude oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month's end following an attack on the nation's oil facilities. It was reported that caution ahead of an expected US interest rate cut kept wider financial markets in tight ranges.
"Brent crude futures dipped 0.26% to US$64.38 a barrel, having conceded about 65% of their gains made after the weekend attack on Saudi Arabia's oil facilities. US West Texas Intermediate crude lost 0.5% to US$59.06 per barrel, paring back around half of its gains after Saturday's attack," Reuters reported.
In Malaysia today, Rakuten Trade Sdn Bhd vice president Vincent Lau
told theedgemarkets.com that investors were holding back as they waited
for the Federal Reserve's interest rate decision.
"The benchmark index (KLCI's drop) is underpinned by a cautious tone ahead of the US Federal Reserve's decision as well as easing oil prices,” Lau said.
Earlier today, TA Securities Holdings Bhd wrote in a note that Malaysian shares were likely to remain range bound as oil and gas-related stocks and global crude oil prices stayed volatile.
TA said such sentiment was against a backdrop of "increased geopolitical risks in the Middle East" and as investors contemplated the US' monetary policy decision.
Source: The Edge
"The benchmark index (KLCI's drop) is underpinned by a cautious tone ahead of the US Federal Reserve's decision as well as easing oil prices,” Lau said.
Earlier today, TA Securities Holdings Bhd wrote in a note that Malaysian shares were likely to remain range bound as oil and gas-related stocks and global crude oil prices stayed volatile.
TA said such sentiment was against a backdrop of "increased geopolitical risks in the Middle East" and as investors contemplated the US' monetary policy decision.
Source: The Edge
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