Market Close KLCI down with CIMB, Maybank after Bank Negara rate cut
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Market Close KLCI down with CIMB, Maybank after Bank Negara rate cut
- Market Close
[size=28]KLCI down with CIMB, Maybank after Bank Negara rate cut
By Ahmad Naqib Idris / theedgemarkets.com | July 14, 2016 : 6:05 PM MYTKUALA LUMPUR (July 14): The FBM KLCI fell 5.61 points or 0.3% as investors sold banking shares like CIMB Group Holdings Bhd and Malayan Banking Bhd (Maybank) after Bank Negara Malaysia cut the overnight policy rate (OPR) to 3% from 3.25%.
Banking shares fell on the OPR cut in anticipation that lower interest rates will affect banks' profitability.
At 5pm, the KLCI closed at 1,654.78 points. CIMB shares fell 11 sen to RM4.21 while Maybank dropped 10 sen to RM8.02.
The KLCI fell despite better performance across Asian share markets. Japan's Nikkei 225 climbed 0.95% while Hong Kong's Hang Seng increased 1.12%.
Reuters reported that Asian shares hovered near eight-month highs on Thursday as investors bet the Bank of England will cut interest rates to ward off the risk of recession following Britain's vote to leave the European Union.
In Malaysia, Kenanga Investment Bank Bhd research head Chan Ken Yew told theedgemarkets.com the KLCI's fall indicated that the index was still capped, having corrected after closing at a high at 1,660.39 points.
"The index is still trapped in range-bound trading below the 1,665 mark, and it will continue in the near term. Volatility has been low, and this is usually not sustainable.
"The index could potentially break out soon, but we're not sure in which direction," he said.
Bursa Malaysia saw 1.58 billion shares valued at RM1.89 billion traded. Decliners edged out gainers at 383 against 382.
The leading decliner was United Plantations Bhd while Dutch Lady Milk Industries Bhd headed gainers. The top-active stock was Hiap Teck Venture Bhd.
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