KUALA LUMPUR (Apr 28): The benchmark FBM KLCI closed 4.52 points or 0.24% lower to finish at 1,855.06 points today as the market slipped on lacklustre trading.
According to Maybank Investment Bank regional chartist Lee Cheng Hooi, the local market was dragged by lacklustre trading and that markets regioally were marginally softer too.
“Concerns recently are on valuations that have outstripped potential earnings growth. Also, local investors may not want to take positions ahead of the long Labour Day and Wesak Day holidays in Malaysia this coming weekend,” he told theedgemarkets.com by phone.
At press time, Brent crude oil was trading at US$64.32 per barrel, while the ringgit was at 3.5647 against the US dollar and 2.6828 against the Singapore dollar.
Overall, 2.17 billion shares valued at RM2.15 billion were traded during the day.
There were 183 gainers against 762 decliners, while 272 counters remained unchanged.
Today’s top gainers included Tecnic Group Bhd, WZ Satu Bhd, Oriental Holdings Bhd and Dutch Lady Milk Industries Bhd.
Decliners included United Plantations Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd and Malaysian Pacific Industries Bhd.
The most actively-traded stock today was VSolar Group Bhd, which saw about 81.74 million shares changing hands.
Regionally, Hong Kong’s Hang Seng was up by 0.03%, the Nikkei was up by 0.38%, while South Korea’s KOSPI fell by 0.46%.
According to Reuters, Asian stocks had pulled back from a seven-year peak scaled on Tuesday as sentiment gave way to caution ahead of the Federal Reserve’s policy two-day meeting scheduled to start later in the session.
“Analysts expected no change in policy stance from the two-day Federal Open Market Committee meeting starting later on Tuesday, with recent domestic data weaker than forecast and a strong dollar crimping exports.
“Market expectations for an interest rate rise have been pushed further down the road, with few investors now expecting a rate hike in June and most predicting a move later this year,” said Reuters.