Market Close KLCI tracks regional fall; ringgit weakens
Page 1 of 1
Market Close KLCI tracks regional fall; ringgit weakens
- Market Close
KLCI tracks regional fall; ringgit weakens
By Yimie Yong / theedgemarkets.com | December 8, 2015 : 5:57 PM MYTKUALA LUMPUR (Dec 8): The FBM KLCI fell 2.76 points or 0.2% as crude oil prices at below US$40 a barrel, hit Asian stock market sentiment.
At 5pm, the KLCI ended at 1,669.24 points. Petronas Gas Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 3.00) was the top decliner across Bursa Malaysia.
“The local market actually held up well, despite weak performance in the region,” Inter-Pacific Securities Sdn Bhd's head of research Pong Teng Siew told theedgemarkets.com via telephone.
“There may be some ground for the technology sector, (which is seen) benefiting from the weak ringgit,” Pong noted.
The ringgit weakened to 4.2615 against the US dollar, in tandem with prices of crude oil. The commodity is a major component of the Malaysian economy.
Anticipation of a US interest rate hike this month could have also led to the ringgit's depreciation.
US policy makers will meet next Tuesday and Wednesday (Dec 15 and 16) to decide on the country's monetary policy. A US rate hike does not bode well for emerging Asian markets like Malaysia, as investors turn their attention to US dollar-denominated assets.
Today, Bursa Malaysia saw 423 decliners versus 393 advancers. A total of 1.78 billion shares, valued at RM1.69 billion, changed hands.
Top gainer was Kossan Rubber Industries Bhd. ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 2.10) 1 Utopia Bhd ( Valuation: 0.90, Fundamental: 1.25) was the most actively-traded counter.
Across Asian share markets, Japan's Nikkei 225 fell 1.04%, South Korea's Kospi declined 0.75%, while Hong Kong's Hang Seng fell 1.34%.
Reuters reported that crude prices edged away from nearly seven-year lows on Tuesday, as China reported strong commodity imports, despite economic weakness; but overall, the market remained weak due to global oversupply, compounded by OPEC's decision to keep output high.
Asian stocks hit three-week lows on Tuesday, as a rout in oil prices knocked energy company shares lower and many investors moved to the sidelines, before next week's meeting where the US Federal Reserve is expected to raise US interest rates.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics
» Market Close KLCI tracks regional loss; Ringgit weakens
» Market Close KLCI bucks regional fall; ringgit weakens
» Market Close KLCI tracks regional fall; UEM Sunrise shines
» Market Close KLCI tracks Asian share losses; ringgit weakens vs USD
» Market Close KLCI down on regional losses; Ringgit weakens
» Market Close KLCI bucks regional fall; ringgit weakens
» Market Close KLCI tracks regional fall; UEM Sunrise shines
» Market Close KLCI tracks Asian share losses; ringgit weakens vs USD
» Market Close KLCI down on regional losses; Ringgit weakens
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|