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 (Nov 1): The FBM KLCI closed 4.64 points or 0.29% lower at 1,593.34 today on profit taking after yesterday's substantial rise on buying which analysts deemed overdone due to the absence of fresh catalysts.
Today, Rakuten Trade Sdn Bhd head of research Kenny Yee said the decline in the KLCI was “expected”, given that “buying was overdone” yesterday.
Yee told theedgemarkets.com today there were no new catalysts to support yesterday’s buying of KLCI-linked shares.
Yesterday, the KLCI closed up 17.98 points or 1.14% at 1,597.98 as Malaysian stocks tracked Asian share gains after the US cut interest rates on Wednesday.
Across Bursa Malaysia today, 2.79 billion shares worth RM1.64 billion were traded. Top decliners included Public Bank Bhd, Pharmaniaga Bhd and Gamuda Bhd.
Yee was also mindful of the ringgit's strength today amid an inflow of foreign funds into Malaysian assets ahead of Bank Negara Malaysia's (BNM) interest rate decision on Tuesday (Nov 5).
Yee said today should BNM maintain the overnight policy rate on Tuesday following the US rate cut, the market may see a further inflow of foreign funds into Malaysian assets.
“We are seeing more foreign funds flowing in as we see ringgit strengthening over the last two days,” said Yee. At the time of writing, the ringgit appreciated to 4.1648 against the US dollar.
Source: The Edge
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