Market Close KLCI erases losses on last minute gains

by **Cals** Thu 12 Jun 2014, 03:07

Market Close KLCI erases losses on last minute gains

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Wednesday, 11 June 2014 17:26

KUALA LUMPUR (June 11): The FBM KLCI erased losses as last-minute gains pushed the index into positive territory.

At 5pm, the KLCI rose 1.77 points or 0.09% to close at 1,878.38. The gains came on stocks like SapuraKencana Petroleum Bhd and Telekom Malaysia Bhd.

A remisier told theedgemalaysia.com that there was not much excitement in the market today, as the focus was shifting to the one-month World Cup event. The event, which begins this Friday morning, (Malaysian time), will end on July 14.

Today, the remisier said: “Historically, every time the World Cup comes around, trading volume would be down by about 10% to 20%.”

Bursa Malaysia saw 1.39 billion shares valued at RM1.71 billion traded.

Market breadth was positive with gainers outpacing decliners at 484 versus 316, while 322 counters remained unchanged.

British American Tobacco Bhd led gainers while TAHPS Group Bhd led decliners. The most-active counter was Malaysian Airline System Bhd.

Regionally, Japan’s Nikkei rose 0.5%, South Korea’s Kospi gained 0.14%, while Hong Kong’s Hang Seng fell 0.25%.

Reuters reported that the euro came under mounting pressure on Wednesday as the European Central Bank's embrace of negative interest rates encouraged flows out of the zone, while Asian shares consolidated near recent highs.

The single currency was slipping across the board as investors looked to borrow euros at super-low rates and buy higher-yielding assets abroad, the so-called carry trade.

Meanwhile, the spotlight is also on the World Bank's world economic forecast. The World Bank, in its latest Global Economic Prospects report, had lowered its 2014 global economic growth forecast to 2.8% from 3.2% forecast made in January.

In the report released today, the bank said the global economy got off to a bumpy start this year, buffeted by poor weather in the United States, financial market turbulence and political conflict in Ukraine.