FBM KLCI - likely to correct deeper downward
Stocks on Bursa Malaysia ended last Friday on a bearish note with losses in heavyweights continuing to weigh on market sentiment. The local market was tracking the sluggish regional markets amid concerns of a potential Greece debt default and the country exiting the European Union after days of talks in Brussels failed to yield a breakthrough, the 7% plunge in China markets while the ringgit continued to weaken against the US dollar. At close, the FBM KLCI was down 6.34 points or 0.37% to 1,710.47, the lowest since Jan 7, after fluctuating between 1,709.87 and 1,716.64 throughout the day. On a weekly basis, the benchmark index eased 11.3 points or 0.65% from 1,721.77. Losers thumped gainers by 441 to 345, with 320 counters unchanged. Total volume decreased to 1.35 billion units, worth RM1.43 billion, from Thursday’s 1.65 billion units worth RM2.08 billion. Weekly turnover decreased to 7.35 billion units worth RM8.19 billion from 7.72 billion units worth RM9.18 billion previously.
Stocks on Bursa Malaysia closed broadly lower yesterday as continued selling pressure in most heavyweight counters dragged the benchmark index to close sharply lower. Southeast Asian stock markets also trimmed previous gains, with market sentiments dampened by investor worries over the Greek debt talks. At close, the FBM KLCI was 14.87 points or 0.86% lower at 1,716.81 after moving between 1,716.81 and 1,729.64 throughout the day. Losers thumped gainers by 552 to 292, with 254 counters unchanged. Total volume decreased to 1.65 billion units worth RM2.08 billion from Wednesday’s 1.79 billion units worth RM1.89 billion.
Stocks on Bursa Malaysia closed higher yesterday on last-minute buying interests amid choppy trading, tracking the regional bourses. However, investors remained cautious due to absence of catalyst to help instill the necessary buying confidence. The FBM KLCI was 4.82 points or 0.28% higher at 1,731.68, after moving between 1,724.47 and 1,731.68 throughout the day. Gainers led losers by 443 to 353, with 288 counters unchanged. Total volume increased to 1.79 billion units worth RM1.89 billion from Tuesday’s 1.73 billion units worth RM1.68 billion.
Stocks on Bursa Malaysia closed lower yesterday on profit taking by late fund selling of key index stocks after Monday’s strong rebound, despite the bullish performance in most Asian markets. Sentiment on the local bourse remained wary over issues relating to 1MDB and the potential Fitch Ratings downgrade by end-June. The FBM KLCI was 5.9 points or 0.34% lower at 1,726.86, after moving between 1,726.86 and 1,734.97 throughout the day. Losers led gainers 407 to 395, with 327 counters unchanged. Total volume increased to 1.73 billion units worth RM1.68 billion, from Monday’s 1.54 billion units worth RM1.82 billion.