KUALA LUMPUR, Jan 8 (Bernama) -- Bursa Malaysia’s benchmark index closed lower on Thursday amid profit-taking in big-cap stocks, as investors shifted their focus to smaller-cap counters against the backdrop of weaker regional market performance. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.26 points or 0.43 per cent to 1,669.57 from Wednesday’s close of 1,676.83. The FBM KLCI opened 2.61 points lower at 1,674.22 and moved between 1,666.34 and 1,674.44 throughout the day. On the broader market, gainers led losers by 579 to 489, while 565 counters were unchanged, 1,016 untraded, and 12 suspended. Turnover was slightly higher at 2.79 billion units worth RM2.84 billion from Wednesday’s 2.73 billion units worth RM2.76 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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