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KUALA LUMPUR (June 11): The FBM KLCI closed lower today in tandem with other regional benchmark indices, as the US Federal Reserve’s muted outlook on the economic giant presented a bitter pill to investors banking on a quicker economic recovery.
The KLCI fell 18.02 points or 1.14% to 1,557.25 points.
“Today’s performance follows broader regional sentiment, following the US Federal Reserve’s outlook on US economy,” said Rakuten Trade Research vice president Vincent Lau.
Market breadth was broadly negative with 871 counters recording declines, 394 stocks remaining unchanged and 249 counters posting gains.
Some 9.16 billion shares worth RM5.91 billion were traded today.
Top actives included AT Systemization Bhd, Luster Industries Bhd and Pegasus Heights Bhd. Top decliners today were Allianz Malaysia Bhd, Carlsberg Brewery Malaysia Bhd and Nestle Malaysia.
The day’s top gainers were Top Glove Corp Bhd’s TOPGLOV-C78 warrant, Tasek Corp Bhd’s TASEK PA warrant and Supermax Corp Bhd’s SUPERMX-93 warrant.
Reuters reported Asian shares retreated today, following a gloomy outlook from the Fed which challenged market optimism on the global economy.
“In a reality check to the stock market’s recent euphoria, the Fed predicted the US economy would shrink 6.5% in 2020 and unemployment would still be at 9.3% at year’s end.
Data out earlier had also shown core U.S. consumer prices fell for a third straight month in May, the longest stretch of declines on record, it said.
In China, the Shanghai Composite finished 0.78% or 22.86 points lower at 2,920.9, with Hong Kong’s Hang Seng down 2.27% or 569.58 points at 24,480.15.
South Korea’s Kospi was down 0.86% or 18.91 points at 2,176.78, while Japan’s Nikkei 225 fell 2.82% or 652.04 points to 22,472.91.
Source: The Edge
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