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Market Daily Report: Bursa Malaysia Ends Lower Amid Broad-based Selling

KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
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Buffett Slows Sales of Bank of America Stock After Price Decline

Warren Buffett’s Berkshire Hathaway Inc. has slowed its sale of Bank of America Corp shares, though it has not halted the selling altogether. The selling spree, which began in mid-July, continued with Berkshire reaping $229 million over three days of selling through Tuesday, according to regulatory filings.

Key Takeaways:

  1. Slowdown in Sales Amid Price Drop: The recent sales marked a noticeable slowdown compared to the eight previous rounds, where Berkshire generated an average of $870 million per round over three days. The shares were sold at an average price of $39.30 on Tuesday, one of the lowest prices since Buffett began reducing the stake.

  2. Significant Proceeds from Stake Reduction: Since beginning to sell down the stake nearly two months ago, Berkshire Hathaway has generated close to $7.2 billion. Despite the sales, the conglomerate still holds over 11% of Bank of America’s stock, valued at around $33.7 billion based on the latest closing price of $39.28 per share.

  3. Strategic Adjustment in Shareholding: The recent disposals reflect a strategic adjustment by Buffett, possibly due to changing market conditions or valuations. While the pace of selling has slowed, the decision to continue reducing the stake suggests Berkshire is recalibrating its investment in the banking sector.

Buffett's actions demonstrate a cautious approach amid fluctuating stock prices, balancing the need to realize gains with market realities.

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