Friday 29 Mar 2024
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KUALA LUMPUR (July 11): The FBM KLCI dropped 2.1 points or 0.1% on losses in index-linked stocks like CIMB Group Holdings Bhd and as investors evaluated Bursa Malaysia's new listings.

At 5pm, the KLCI ended at 1,755.03 points while CIMB shares fell 14 sen to RM6.39. CIMB, which was Bursa Malaysia's seventh-largest decliner, was also the sixth most-active entity.

The spotlight was also on newly-listed Lotte Chemical Titan Holding Bhd. The stock fell 12 sen to RM6.38 to become Bursa Malaysia's second most-active entity.

Across Bursa Malaysia, there were 715 decliners versus 198 advancers. A total of 1.73 billion shares worth RM2.07 billion were traded.

Analysts said Lotte Chemical Titan's share price drop had affected retail investors’ sentiment.

“Back in 2005, we had a series of initial public offerings
which underperformed and the overall market got affected and the stocks fell.

“(Today) there is not enough local market liquidity, as more counters are down, affected by Lotte Chemical Titan," Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

Malaysian shares fell as Asian equities rose. Japan’s Nikkei 225 rose 0.57% while Hong Kong's Hang Seng increased 1.48%.

Reuters reported that Asian shares extended early gains on Tuesday and the dollar notched a four-month high against the yen, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten US monetary policy.

The dollar index, which tracks the greenback against a basket of six major rivals, added 0.2 percent to 96.163 ahead of Yellen's semi-annual monetary policy testimony before Congress on Wednesday and Thursday.

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