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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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Malaysia Weekly Highlights

MUKHRIZ RESIGNS, AHMAD BASHAH SWORN IN AS KEDAH MB Malaysia's political tension seem to have gone one tension up, with former PM's Mahathir's son, Mukhriz Mahathir being replaced by Ahmad Bashah as the Kedah Menteri Besar (MB). Mukhriz out, Bashah in Mukhriz said he was removed because of his criticism of Prime Minister Datuk Seri Najib Razak over 1Malaysia Development Bhd and the RM2.6 billion donation. Datuk Seri Ahmad Bashah, aged 66 was sworn in as the new Kedah Menteri Besar (MB) last Thursday. This has ended the state's leadership crisis after Mukhriz was being told that he no longer had the support of the majority in the state assembly. Ahmad Bashah, who led the revolt against Mukhriz is the deputy chief of Kedah UMNO. This is probably a sign of a weakened influence from the Mahathir's camp. LEMBAGA TABUNG HAJI (LTH) announces 5% dividend, 3% bonus Lembaga Tabung Haji (LTH) announced an annual dividend of 5% for 2015 for its depositors. Thi...
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Malaysia Weekly Highlights

PETRONAS to cut spending by RM50 bil over 4 years PETRONAS out of gas? Over the week, Wall Street Journal reported that Petroliam Nasional Bhd (Petronas) plans to slash as much as 50 billion ringgit ($11.4 billion) in capital and operating expenditure over the next four years, according to an internal memo sent to staff by its chief executive officer. Petronas is the Malaysian government’s biggest source of revenue, covering as much as one third of the annual budget, even after cuts in subsidies and the introduction of new taxes to diversify sources of income.  Petronas confirmed that it had circulated the memo as part of “ongoing efforts to optimize costs to address the impact of the continuous fall in crude oil prices.”  The firm has been hit by a slump in oil prices, which have fallen over 70% over the past 18 months. BANK NEGARA RESERVES FALL TO US$95.1 billion Bank Negara Malaysia's international reserves fell by a marginal 0.21% to US$95.1 billion in the...
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