KUALA LUMPUR, June 3 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier gains to end lower on Wednesday, weighed down by losses in telecommunications and banking sectors, despite a broadly positive performance across Asian markets. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market remains under pressure amid lingering concerns over geopolitical tensions, elevated oil prices and uncertainty surrounding the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 10.33 points, or 0.61 per cent, to finish at its intraday low of 1,672.74 compared with Friday’s close of 1,683.07. The local bourse resumed trading after being closed on Monday and Tuesday for public holidays. The benchmark index opened 4.06 points higher at 1,687.13 and climbed to an intraday high of 1,693.09 during the morning session before losing momentum to end the day lower.
Market Daily Report: Bursa Malaysia Reverses Earlier Gains To End Lower, Dragged By Losses In Telco, Banking Stocks
KUALA LUMPUR, June 3 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier gains to end lower on Wednesday, weighed down by losses in telecommunications and banking sectors, despite a broadly positive performance across Asian markets. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market remains under pressure amid lingering concerns over geopolitical tensions, elevated oil prices and uncertainty surrounding the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 10.33 points, or 0.61 per cent, to finish at its intraday low of 1,672.74 compared with Friday’s close of 1,683.07. The local bourse resumed trading after being closed on Monday and Tuesday for public holidays. The benchmark index opened 4.06 points higher at 1,687.13 and climbed to an intraday high of 1,693.09 during the morning session before losing momentum to end the day lower.