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 (April 16): The FBM KLCI closed down 1.26 points or 0.09% at 1,386.53 today after a final hour plunge on profit taking, as investors weighed the impact of the Covid-19 pandemic on the global economy and corporate earnings.
At 5pm, Bursa Malaysia registered a trade volume of 4.83 billion shares valued at RM2.67 billion. There were 624 gainers and 253 decliners.
Reuters quoted J.P. Morgan Asset Management global market strategist Kerry Craig as saying “markets are looking for the peak in the viral spread, but this is only the start of a very bumpy road back to economic strength.”
"Investors should remain vigilant to what the market is pricing and realise that market rallies in a longer bear market are not unusual,” Craig said.
At Bursa today, the KLCI rose to its intraday high at 1,398.53, before a final hour plunge landed the index in the red, when market closed. Across the exchange, top gainers included Rubberex Corp (M) Bhd, while leading decliners included Kuala Lumpur Kepong Bhd and PPB Group Bhd. Most-active stocks included Dagang NeXchange Bhd.
Dagang NeXchange ended with a volume of some 115 million shares. It share price closed up 2.5 sen or 19.23% at 15.5 sen.
Globally, it was reported Asia's stock markets retreated from their highest levels for a month and the dollar extended gains on Thursday, as the damage the coronavirus has wrought on the world economy soured appetite for risk.
It was reported data showed U.S. retail sales fell the most on record last month and manufacturing output fell by the most in 74 years, raising fears of a deep recession.
"Another sky high figure is expected, when U.S. weekly jobless claims land later in the day.
"E-mini futures for the S&P 500 fell half a percent in Asia, after a 2.2% drop on the index on Wednesday and European futures were marginally lower. MSCI’s broadest index of Asia-Pacific shares outside Japan lost about 1%, wiping out early week gains that had taken the index to its best level since mid-March,” Reuters reported.
Source: The Edge
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