FBM KLCI - likely to move range-bound with an upward bias
Stocks on Malaysia ended higher last Friday on technical rebound following bargain hunting and month end window dressing activity. The stable ringgit following the prime minister’s cabinet reshuffle, Standard & Poor’s reaffirmation on Malaysia’s rating, and a respite in oil price also helped lift the local bourse. The FBM KLCI gained 23.22 points, or 1.37%, to 1,723.14 after fluctuating between 1,701.31 and 1,723.14 throughout the day. On a weekly basis, the key index rose 2.38 points from 1,720.76 on previous Friday. Gainers outpaced losers by 467 to 365 with 315 counters unchanged. Total volume rose to 1.68 billion units valued at RM2.01 billion from Thursday’s 1.61 billion units valued at RM1.58 billion. Weekly turnover rose to 9.01 billion units, worth RM9.36 billion, from last week’s 8.35 billion units worth RM7.93 billion.
Stocks on Bursa Malaysia ended almost flat yesterday after a flurry of last-minute selling erased some of earlier gains as traders took the opportunity to sell their stocks when the market was up after seven straight days of losses. The FBM KLCI inched up 0.93 point or 0.05% to 1,699.92 after fluctuating between 1,695.66 and 1,706.26 throughout the day. Losers outpaced gainers by 401 to 383 with 354 counters unchanged. Total volume rose to 1.61 billion units valued at RM1.58 billion from 1.36 billion units worth RM1.73 billion on Wednesday.
Stocks on Bursa Malaysia ended slightly lower yesterday in lacklustre trading amid the absence of clear market drivers and as foreign funds continued to reduce their shareholdings in Malaysian equities. The market was trading sideways throughout the day, dampened by resurgence in concerns over weak global and China’s economic growth. The FBM KLCI slipped 0.71 point or 0.04% to 1,698.98, after fluctuating between 1,696.72 and 1,702.36 throughout the day. Gainers beat losers by 444 to 371 with 313 counters unchanged. Total volume fell to 1.36 billion units valued at RM1.73 billion from 2.14 billion units valued at RM2.25 billion on Tuesday.
Stocks on Bursa Malaysia closed lower yesterday with the benchmark FBM KLCI falling 10.06 points or 0.59% to end the day at the lowest point of 1,699.70. The index fell in the afternoon after Prime Minister Najib Abdul Razak announced a cabinet reshuffle, in which he removed Muhyiddin Yassin as the deputy prime minister and replaced him with Ahmad Zahid Hamidi. Losers thumped gainers by 726 to 197 with 251 counters unchanged. Total volume fell to 2.14 billion units valued at RM2.25 billion from 2.22 billion units valued at RM1.8 billion.
Stocks on Bursa Malaysia closed lower yesterday on continued losses in selected index-linked companies, in line with the weaker regional performances. China saw its shares down by 8% amid renewed fears about the country’s economic outlook, influenced by the unprecedented government intervention in early July. The ringgit dropped to its 17-year low of 3.811 against the US dollar. The FBM KLCI fell 11 points, or 0.64%, to 1,709.76, after fluctuating between 1,709.76 and 1,718.60 throughout the day. Losers outnumbered gainers by 609 to 290 with 266 counters unchanged. Total volume rose to 2.22 billion units valued at RM1.8 billion from 1.74 billion units valued at RM1.5 billion.