Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (Oct 2): The FBM KLCI fell 14.54 points or 0.91% today to close at its intraday low at 1,574.9 after the broader market reacted to weaker US manufacturing data, which underscored the impact of the US-China trade war on the US economy.
Reuters reported that global equity selling was triggered after the Institute for Supply Management’s (ISM) index of factory activity, one of the most closely-watched data on US manufacturing, dropped 1.3 points to 47.8, the lowest level since June 2009.
It was reported that a reading below 50 indicates contraction in the manufacturing sector.
"Markets had been expecting the index to rise back above 50. Global shares fell to one-month lows on Wednesday after US manufacturing activity tumbled to more than a decade low, sparking worries that the fallout from the US-China trade war is spreading to the US economy," Reuters said.
In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said "the slump in manufacturing activity would trigger the question of whether the (economic) slowdown is faster than expected".
Across Bursa Malaysia, a total of 1.85 billion shares were traded for RM1.44 billion.
Selling was broad-based across Bursa indices except for the REIT, utilities and technology gauges. Major decliners included the plantation and energy indices, which closed down 1.5% and 1.05% respectively.
Bursa top stock decliners included KLCI counters Public Bank Bhd and Kuala Lumpur Kepong Bhd.
The most-active stocks included Bumi Armada Bhd, which registered a volume at some 61 million shares. Bumi Armada's share price closed down one sen or 3.13% at 31 sen.
Source: The Edge
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