FBM KLCI ends the week below 1,600 level

FBM KLCI ends the week below 1,600 level
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KUALA LUMPUR (Aug 16): The FBM KLCI closed below the 1,600 crucial level today despite the broader market showing mixed signals and regional markets displaying a slight rebound towards the end of the trading week.

The benchmark index closed the day 1.07 points or 0.06% lower at 1,599.22, after hovering between 1,590.18 and 1,600.17.

Trading volume remained thin at 1.79 billion shares worth RM1.44 billion, with gainers outnumbering losers by 359 to 293.

Among KLCI component stocks, top laggards included Sime Darby Plantation Bhd (which fell 11 sen to RM4.70), and banking stocks Hong Leong Financial Group Bhd (down 18 sen at RM16.88), AMMB Holdings Bhd (down three sen at RM3.90) and RHB Bank Bhd (down four sen at RM5.48).

Meanwhile, the FBM Small Cap Index closed 29.73 points or 0.23% higher at 12,967.21.

Malacca Securities Sdn Bhd in a note to clients today said the ongoing results reporting season is seeing mixed-to-lower results that will keep market conditions mostly guarded.

Regionally, Reuters said markets in China and Hong Kong found some stability amid the ongoing unrest in Hong Kong, but the gains were limited by nagging fears of a global economic slowdown.

The Hang Seng index climbed 0.94% while the Shanghai composite index rose 0.29%.

Elsewhere, Japan’s Nikkei edged up 0.06%, while South Korea’s Kospi closed down 0.58% after its first trading day following a public holiday.