KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
KUALA LUMPUR (July 7): The FBM KLCI closed down 10.18 points or 0.65% at 1,566.72 today while the FBM ACE was the top percentage gainer after Bank Negara Malaysia (BNM) cut the overnight policy rate (OPR) by 25 basis points (bps) today to a record low of 1.75%.
Across Bursa Malaysia, 7.78 billion shares worth RM4.93 billion were traded. There were 648 decliners and 428 gainers.
The ACE index closed up 194.09 points or 2.75% at 7,246.90, while the healthcare and REIT indices rose 1.9% and 0.14% respectively.
BNM cut the OPR by 25 bps today to a record low of 1.75%, saying the impact of the Covid-19 pandemic on the global economy is severe and that Malaysia’s economic activity contracted sharply in the second quarter of the year, due to measures introduced to contain the pandemic.
In a statement today, the central bank said Malaysia’s inflationary pressures are expected to be muted in 2020.
In theory, interest rate cuts are good for equities but bad for currencies.
Source: The Edge
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