KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
KUALA LUMPUR (Oct 3): The FBM KLCI closed down 10.78 points or 0.68% today after Asian shares fell substantially as the US' announcement of new import tariffs on European Union (EU) imports hit world market sentiment.
At 5pm, the KLCI closed at 1,564.12, led by Public Bank Bhd and Press Metal Aluminium Holdings Bhd's share price drop.
Public Bank closed 42 sen or 2.13% lower at RM19.28 to be the top-percentage decliner among the 30 KLCI stocks. Press Metal ended down nine sen or 1.88% at RM4.69.
AxiTrader Asia Pacific market strategist Stephen Innes wrote in a note today Malaysia's Budget 2020, which will be announced this Oct 11 "is now being viewed as the next significant catalyst which is likely keeping foreign investors cautious on local bonds, equities and currency."
Earlier today, Hong Leong Investment Bank Bhd wrote in a note that investors may adopt a defensive yield-seeking strategy amid the current market backdrop.
"Overall, we will likely see defensive yield seeking to be the dominant investment style in the near term," Hong Leong said.
Globally, Reuters reported that Asian stocks tumbled to a one-month low on Thursday as already-growing market fears about global growth were fanned by the US announcement of new import tariffs on products from the EU.
It was reported that Washington will enact 10% tariffs on Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.
EU manufacturers are already facing US tariffs on steel and aluminium and a threat from the US to penalise EU cars and car parts, according to Reuters.
Source: The Edge
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