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Market Daily Report: Bursa Malaysia Ends Lower On Profit-taking, Trade Tariff Concerns

KUALA LUMPUR, April 16 (Bernama) -- Bursa Malaysia ended lower today, weighed down by persistent profit-taking amid ongoing concerns over global trade tariffs.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 9.51 points, or 0.64 per cent, to 1,476.92 compared to Tuesday’s close of 1,486.43. The benchmark index opened 0.02 of-a-point higher to 1,486.45 and moved between 1,472.84 and 1,487.50 throughout the day. In the broader market, decliners outpaced gainers 573 to 320, while 434 counters were unchanged, 1,071 untraded, and nine others suspended.  Turnover slipped to 3.00 billion units valued at RM1.65 billion from 3.36 billion units valued at RM1.91 billion on Tuesday.  
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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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