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Market Daily Report: Bursa Malaysia Ends Flat On Renewed Global Bond Yields, Geopolitical Concerns

KUALA LUMPUR, Aug 21 (Bernama) -- Bursa Malaysia ended little changed on Friday, as investors remained cautious amid renewed pressure on global bond yields and geopolitical tensions, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.23 points to 1,736.48 compared with Thursday’s close of 1,736.71. The benchmark index opened 0.63 of a point lower at 1,736.08, and fluctuated between 1,733.13 and 1,738.30 throughout the day. On the broader market, losers outpaced gainers 637 to 578, while 571 counters were unchanged, 1,086 untraded and 47 suspended. Turnover decreased to 3.91 billion units valued at RM3.32 billion from 4.28 billion units valued at RM4.01 billion on Thursday.  
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Market Daily Report: KLCI falls as Thursday's buying seen overdone



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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