Market Close KLCI erases losses on late buying; Ringgit weakens
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Market Close KLCI erases losses on late buying; Ringgit weakens
Market Close
KLCI erases losses on late buying; Ringgit weakens
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By Supriya Surendran, Gho Chee Yuan and Danial Idraki / theedgemarkets.com | July 3, 2015 : 6:01 PM MYT
KUALA LUMPUR (July 3): The FBM KLCI gained 0.36 point to finish at 1,734.24, as investors bargain hunted for beaten-down shares. This came amid significant losses in China shares and concerns over Greece's debt crisis.
In Malaysia, the KLCI rose on gains in stocks like [size=14]Petronas Dagangan Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and DiGi.Com Bhd ([You must be registered and logged in to see this image.] Financial Dashboard). The KLCI had earlier traded at an intraday low of 1,724.50 points.
Analysts said the KLCI had tracked Asian share losses, amid weak sentiment on the ringgit. Jupiter Securities chief market strategist Benny Lee said the "unexciting movement in the KLCI today can be correlated to the weak ringgit."
“Another factor is the weak markets regionally. The Shanghai market for instance, fell by 6% today, therefore the KLCI’s flattish trade today was in line with the downward sentiment regionally,” Lee told theedgemarkets.com.
Elsewhere, Hong Kong's Hang Seng fell 0.83% while South Korea’s Kospi was down 0.14%. Japan’s Nikkei 225 rose 0.08%.
The ringgit weakened to 3.7795 against the US dollar and versus the Singapore dollar, the ringgit depreciated to 2.8026.
Affin Hwang Investment Bank's retail research head Datuk Dr Nazri Khan said investors were mindful of Greece's debt crisis and the timing of US interest hikes.
Higher US interest rates will generate demand for US dollar-denominated assets, hence, a stronger US dollar.
“We expect the FBMKLCI index to stage a downside consolidation on Greece volatility, stronger dollar, flat ringgit, a respite in commodity price and a possible hike in Federal Reserve rates. Volatility is expected to remain high due to bond yield movement and Greece Grexit uncertainty, following the referendum over the weekend," Nazri said.
Overall, Bursa Malaysia saw 1.46 billion shares, valued at RM1.39 billion traded. There were 459 decliners and 295 gainers.
Top gainers included British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Dutch Lady Milk Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Major decliners included Hong Leong Financial Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Pharmaniaga Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) and Hap Seng Consolidated Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Actively-traded stocks included Perdana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Jaks Resources Bhd ([You must be registered and logged in to see this image.]Financial Dashboard).
The decline in oil and gas-related shares were closely watched on crude oil oversupply concerns. Bumi Armada Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) fell three sen or 2.5% to close at RM1.15. Perisai Petroleum Teknologi Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) dropped 0.5 sen or 1% to 44.5 sen.
Reuters reported oil prices dropped as a rising U.S. rig count stoked fears of oversupply. Brent crude futures were down 21 cents at $61.86 per barrel, while U.S. crude futures were $56.66.
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KLCI erases losses on late buying; Ringgit weakens
[You must be registered and logged in to see this image.]
By Supriya Surendran, Gho Chee Yuan and Danial Idraki / theedgemarkets.com | July 3, 2015 : 6:01 PM MYT
KUALA LUMPUR (July 3): The FBM KLCI gained 0.36 point to finish at 1,734.24, as investors bargain hunted for beaten-down shares. This came amid significant losses in China shares and concerns over Greece's debt crisis.
In Malaysia, the KLCI rose on gains in stocks like [size=14]Petronas Dagangan Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and DiGi.Com Bhd ([You must be registered and logged in to see this image.] Financial Dashboard). The KLCI had earlier traded at an intraday low of 1,724.50 points.
Analysts said the KLCI had tracked Asian share losses, amid weak sentiment on the ringgit. Jupiter Securities chief market strategist Benny Lee said the "unexciting movement in the KLCI today can be correlated to the weak ringgit."
“Another factor is the weak markets regionally. The Shanghai market for instance, fell by 6% today, therefore the KLCI’s flattish trade today was in line with the downward sentiment regionally,” Lee told theedgemarkets.com.
Elsewhere, Hong Kong's Hang Seng fell 0.83% while South Korea’s Kospi was down 0.14%. Japan’s Nikkei 225 rose 0.08%.
The ringgit weakened to 3.7795 against the US dollar and versus the Singapore dollar, the ringgit depreciated to 2.8026.
Affin Hwang Investment Bank's retail research head Datuk Dr Nazri Khan said investors were mindful of Greece's debt crisis and the timing of US interest hikes.
Higher US interest rates will generate demand for US dollar-denominated assets, hence, a stronger US dollar.
“We expect the FBMKLCI index to stage a downside consolidation on Greece volatility, stronger dollar, flat ringgit, a respite in commodity price and a possible hike in Federal Reserve rates. Volatility is expected to remain high due to bond yield movement and Greece Grexit uncertainty, following the referendum over the weekend," Nazri said.
Overall, Bursa Malaysia saw 1.46 billion shares, valued at RM1.39 billion traded. There were 459 decliners and 295 gainers.
Top gainers included British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Dutch Lady Milk Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Major decliners included Hong Leong Financial Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Pharmaniaga Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) and Hap Seng Consolidated Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Actively-traded stocks included Perdana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Jaks Resources Bhd ([You must be registered and logged in to see this image.]Financial Dashboard).
The decline in oil and gas-related shares were closely watched on crude oil oversupply concerns. Bumi Armada Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) fell three sen or 2.5% to close at RM1.15. Perisai Petroleum Teknologi Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) dropped 0.5 sen or 1% to 44.5 sen.
Reuters reported oil prices dropped as a rising U.S. rig count stoked fears of oversupply. Brent crude futures were down 21 cents at $61.86 per barrel, while U.S. crude futures were $56.66.
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