Friday 29 Mar 2024
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KUALA LUMPUR (June 28): Share prices on Bursa Malaysia closed mostly lower in tandem with the cautious sentiment in the region following US Federal Reserve Chair Janet Yellen's remark that stock valuations are rich in the US.

The FBM KLCI dropped 8.22 points or 0.46% to end the trading day at 1,771.23 points. Trading volume was higher at 1.4 billion — worth RM1.85 billion — today compared with 1.31 billion last Friday.

According to Head of Research at Etiqa Insurance and Takaful Chris Eng, market sentiment could also be dampened by the global cyber-attack and the US decision to postpone the decision on the Obamacare repeal to after July 4.

"The sell-down of the FBM KLCI today is probably due to the news of the global cyber-attack and the potential new roadblock for the repeal of Obamacare," said Eng.

"We can see some summer profit-taking activity occurring, which is also a reason for the sell-down," he added.

Across the board, losers outnumbered gainers by 481 to 369 respectively, with Pasukhas Group Bhd leading as the most active counter, with some 42.9 million shares traded.

Elsewhere in the region, Hong Kong's Hang Seng dropped 0.61% and South Korea's Kospi fell by 0.39%. Singapore's Strait Times Index was down 0.12% to 3,215.70 points.

Reuters reported that Japanese stocks wobbled today as tech shares followed their US counterparts down and as souring sentiment battered small caps, while large cap bank shares benefited from a rise in global bond yields.

The Nikkei share average shed 0.5% to 20,130.41 while Topix declined 0.3%, with its drop mitigated by a 2% climb for the banking index, Reuters added.

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