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 (March 13): The FBM KLCI closed down 74.68 points or 5.26% at 1,344.75 today after broad-based selling across Bursa Malaysia, as concerns over the Covid-19 pandemic and Russia-Saudi Arabia crude oil price war led to a substantial drop in global markets.
Such sentiment hit world equity and crude oil markets as investors weighed the economic impact of the Covid-19 outbreak and as the crude oil price war led to concerns of additional supply of the commodity.
UOB senior economist Alvin Liew and rates strategist Victor Young wrote in a note today that global policymakers are expected to respond to the challenge amid uncertainties over both the magnitude and duration of the growth shock.
"Therefore, monetary policy settings will be highly accommodative for the rest of 2020 in order to stave off liquidity breakdowns during periods of elevated market stress as well as to provide a base for the eventual recovery,” Liew and Young said.
Source: The Edge
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