KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
KUALA LUMPUR (Oct 15): The FBM KLCI finished in negative territory today due to lack of any significant progress in the ongoing US-China trade talks, as well as profit taking by investors.
The benchmark index closed 1.36 points or 0.09% lower at 1566.23.
On the broader market, there were 410 decliners against 391 advancers. A total of 2.62 billion shares valued at RM1.73 billion exchanged hands.
Hong Leong Investment Bank Bhd analyst Loui Low said today’s trading was mostly sideways, with bouts of profit taking.
“Trading sentiment was also dampened due to China putting a pause on the trade deal, despite the mildly expansionary budget presented (by the Malaysian government) earlier. There is also some rotational play going on,” he told theedgemarkets.com when contacted.
Nevertheless, Loui also noted that there was still some spillover effect from Budget 2020, since beneficiary stocks such as those involved in technology and green initiatives remained positive.
Elsewhere in Southeast Asia, Reuters said most stock markets traded in a flat-to-lower range, as hopes of a Sino-U.S. trade deal subsided after Beijing indicated further talks were needed, while figures from China underlined the damage felt due to trade pressures.
Source: The Edge
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