Thursday 28 Mar 2024
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KUALA LUMPUR (July 13): The FBM KLCI settled 3.46 points or 0.2% lower on profit taking after rising with Asian shares on US Federal Reserve Chair Janet Yellen's less hawkish monetary policy comments

At Bursa Malaysia, the KLCI closed at 1,753.78 points at 5pm after rising to its intraday high at 1,760.66 points. The KLCI fell as investors sold index-linked shares like Axiata Group Bhd, Petronas Gas Bhd and Digi.Com Bhd.

“The KLCI opened higher today but moving into the second half of the trading session, it was [dragged down] by some profit-taking activities due to the weakness among telco heavyweights such as Digi and Axiata,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com.

Across Bursa Malaysia, 1.74 billion shares valued at RM2.02 billion changed hands. Gainers overtook decliners by 405 against 354 respectively.

Malaysian shares had earlier risen with Asian equities as investors cheered Yellen's less hawkish comments on US interest rates. US rate hikes do not bode well for Asian markets in anticipation that investors will shift their money into US dollar-based assets.

Across Asia, Hong Kong’s Hang Seng rose 1.16% while South Korea's Kospi was 0.74% higher.

Reuters reported that Asian shares scaled a two-year top on Thursday as investors wagered policy tightening in the United States would be glacial at best, lifting Wall Street to record peaks and lowering bond yields almost everywhere.

It was reported that US equities were underpinned by a drop in bond yields as Yellen sounded cautious on inflation and noted the Fed would not need raise rates "all that much further" to reach current low estimates of the neutral funds rate.

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