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 (June 25): The FBM KLCI fell 13.43 points or 0.89% to 1489.2 as investors reacted to the World Bank’s downgrade of Malaysia’s economic growth forecast with a larger contraction of 3.1% this year from 0.1% estimated in April.
Market breadth was led by 713 losers to 249 gainers, with a total of 4.49 billion shares traded worth RM2.49 billion.
Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar pointed out that the World Bank had also said that Malaysia’s economy remains resilient and rests on strong fundamentals such as diversified economic structure, sound financial system and effective public health response.
“The bank also suggests that Malaysia will be able to ride out the storm better than many other countries,” Jeffry told theedgemarkets.com.
He also noted that only two out of the 30 index-link stocks closed up, namely RHB Bank Bhd and PPB Group Bhd, with the rest of the 28 stocks closing lower.
Laggards dragging the KLCI down today were Genting Malaysia Bhd which fell 2.66% or seven sen to RM2.56, Axiata Group Bhd which fell 2.59% or nine sen to RM3.39 and Hap Seng Consolidated Bhd which fell 2.22% or 19 sen to RM8.36.
Elsewhere in Asia, markets fell on news of several US States reporting record jumps in COVID-19 cases, while the World Health Organization said it expects the number of global cases to touch 10 million next week, according to Reuters.
The International Monetary Fund’s downgrade to global economic projections also dented sentiment, it said.
Japan’s Nikkei 225 index fell 1.22% and the Hang Seng index dropped 0.5%, while the Shanghai composite index gained 0.3%.
Source: The Edge
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