Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (April 11): Malaysian stocks continued to fall for a second day today in tandem with regional markets, hurt by rising geopolitical tensions.

The benchmark FBM KLCI index slipped 0.21% or 3.68 points to close at 1,735.84, dragged down by plantation counters that were sold down as Malaysia's palm oil stocks and production grew higher in March, as well as on profit-taking.

A total of 4.2 billion shares worth RM2.6 billion were traded. Market breadth was negative with 358 gainers compared with 569 losers, while 364 counters traded unchanged.

The top gainer was Scientex Bhd, while the leading decliner was Far East Holdings Bhd. Priceworth International Bhd was the most actively traded counter for the day.

According to JF Apex Securities Bhd head of research Lee Chung Cheng, the market is down slightly on the less optimistic outlook for palm oil players and as investors booked in profit.

"This should be a temporary setback for the market as investors relook their portfolio, take in some profit and rebalance their holdings," he told theedgemarkets.com today.

He noted that regional markets are seeing a similar trend.

Reuters reported that Japan's Nikkei and Hong Kong's Hang Seng index fell, as rising geopolitical tensions over North Korea, a stronger yen and renewed uncertainty in the French presidential election hurt investor sentiment.

The Nikkei dropped 0.3% to 18,747.87, while the broader Topix shed 0.3% to 1,495.10. Hang Seng also dropped 0.7% at the close, to 24,088.46.

 

      Print
      Text Size
      Share