FBM KLCI down after rising with Asian shares

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KUALA LUMPUR (March 29): The FBM KLCI closed 1.52 points or 0.1% lower on profit taking after rising with Asian shares earlier.  

Reuters reported that Asian shares erased losses to close higher on media reports that Japan had sounded out North Korea's government about a bilateral summit, and that Pyongyang had also discussed the possibility of a broader meeting with other global leaders. It was reported that Beijing had said on Wednesday that North Korea's leader Kim Jong Un had pledged his commitment to denuclearisation at a meeting with Chinese President Xi Jinping.

At Bursa Malaysia today, the KLCI closed at 1,856.35 at 5pm after volatile trade. The KLCI's intraday high and low were at 1,860.56 and 1,854.50 respectively.

At 5pm, the KLCI ended lower after investors sold index-linked stocks including Press Metal Aluminium Holdings Bhd and Genting Bhd. Across Bursa Malaysia, 1.89 billion shares worth RM2.09 billion were traded.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that trading value across Bursa Malaysia today was below last year's average. “My guess is that retail investors have stayed at the sidelines in this kind of choppy environment with no sustained gains. The retail investors seem to be staying away from the market for now,” Pong said.

Across Asia, Japan's Nikkei 225 climbed 0.61%, South Korea's Kospi rose 0.71% while Hong Kong’s Hang Seng was up 0.24%.

Hong Kong markets will be closed for the Good Friday holiday tomorrow (March 30) and will remain closed on Monday (April 2) for Easter Monday break.