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 (Nov 14): The FBM KLCI closed down 3.67 points or 0.23% today at 1,593.55 as Asian shares took cue from China and Japan's economic data, which missed market forecasts.
From a technical viewpoint, analysts said the KLCI fell because Malaysian shares are in overbought zone.
Reuters reported that Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world’s biggest economies.
It was reported that China’s industrial production growth slowed sharply in October, with the 4.7% year-on-year rise well below forecasts for 5.4%.
Investment growth hit a record low and retail sales also missed expectations, according to Reuters. On Japan, Reuters, quoting preliminary gross domestic product data released by the Government today, reported that the world's third-largest economy grew an annualised 0.2% in the third quarter, slowing sharply from a revised 1.8% expansion in April-June quarter.
"It fell well short of a median market forecast for a 0.8% gain and marked the weakest growth since a 2% contraction in July-September last year," Reuters reported.
In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the Malaysian stock market is actually overbought, hence it has started to consolidate.
"It will probably be hovering at a tight range between the 1,590 and 1,610 level in the near term. The weak economic data from China and Japan also further weighed down sentiments which opened the door of opportunity for profit-making activities,” Wan said.
Across Bursa Malaysia today, volume stood at 2.2 billion shares worth RM1.68 billion.
Top decliners included Nestle (M) Bhd and British American Tobacco (M) Bhd.
Leading gainers and top-active stocks included JAKS Resources Bhd. JAKS' share price closed up at its intraday high after the stock rose 20 sen or 17.24% to RM1.36.
JAKS saw some 40 million shares traded.
Source: The Edge
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