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 (Feb 7): The FBM KLCI, which languished in the red throughout most of the trading session today, eventually settled 0.11% higher, lifted by last-minute gains in index-linked counters.
At 5pm, the benchmark index was 1.72 points higher at 1,554.49, as Hong Leong Financial Group Bhd (HLFG), CIMB Group Holdings Bhd and Maxis Bhd recorded gains.
HLFG closed 6.93% or RM1.12 higher at RM17.28, giving it a market capitalisation of RM19.79 billion, while CIMB ended 13 sen or 2.59% higher at RM5.15, which gave it a market value of RM51.10 billion. Maxis climbed 5 sen or 0.93% to RM5.45, for a market capitalisation of RM42.62 billion.
Across the local exchange, there were 343 gainers versus 424 losers, while 445 stocks remained unchanged. A total of 2.74 billion shares worth RM2.17 billion were transacted, compared with yesterday's 3.08 billion shares worth RM2.48 billion.
TA Securities senior technical analyst Stephen Soo, when contacted, said market sentiment remains cautious due to the Wuhan coronavirus outbreak.
There was also clear profit-taking activities seen today, following the "rally" of over 1% recorded in the local bourse yesterday after China announced it would cut tariffs on US imports, Soo said.
"The uncertainty is still high [as investors are still] concerned about the [coronavirus ] outbreak. I believe the latest [concern for the outbreak] was coming from the cruise ship from Japan, which triggered caution [for the investors] on the outbreak," he said.
"For the next week, the market should be trading sideways, but with some potential downside, depending on [further] developments of the virus outbreak and US-China trade progress," he said, adding the KLCI's immediate resistance level would be at 1,565, with support at 1,517.
It was reported today that another 41 people on a cruise ship off the coast of Japan have tested positive for the new coronavirus, bringing the total number of cases on board the 3,700-filled boat to 61. This brings the number of confirmed cases in Japan to 86, the second highest figure after China. Those on board have now been quarantined in Yokohama, Japan, according to BBC News.
Reuters, meanwhile, reported that Asian share markets fell on Friday while oil price gains stalled, as the growing death toll and economic damage from the coronavirus outbreak snuffed out a late-week rally.
The total death toll from the virus has now reached 636, while the number of infections stood at 31,513.
Japan's Nikkei closed the day 0.19% lower, while Hong Kong's Hang Seng fell 0.33% and South Korea's Kospi declined 0.72%. China's Shanghai Composite Index, on the other hand, rose 0.33%.
Source: The Edge
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