Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
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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