Friday 29 Mar 2024
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KUALA LUMPUR (Feb 26): The FBM KLCI extended losses amid volatile Asian trades after US shares ended mixed in overnight transactions.

At 9:07am, Malaysia's KLCI fell 2.32 points or 0.1% to 1,813.54 on losses in stocks like Tenaga Nasional Bhd and Kuala Lumpur Kepong Bhd. SapuraKencana Petroleum Bhd, however, rose on higher crude oil prices.
     
M&A Securities Sdn Bhd research head Rosnani Rasul said investors were anticipating the US' fourth quarter gross domestic product (GDP) numbers this Friday.

Rosnani said the GDP figure was seen as a crucial indicator on the US' monetary policy.

"As for today, some investors (in Malaysia) may stay at the sideline until the signals are clear on the direction of key economic indicators, particularly the US economy," Rosnani said.

Yesterday, the KLCI fell 2.82 points or 0.16% to close at 1,815.86.

Today, Bursa Malaysia saw some 119 million shares worth RM67 million changed hands. There were 142 gainers versus 99 decliners.

Top gainer was Integrax Bhd while Dutch Lady Milk Industries Bhd led decliners. The most-active stock was Wintoni Group Bhd.

The ringgit strengthened against the US dollar at 3.6033 and compared to the Singapore dollar, the ringgit, however, weakened to 2.6609.

The ringgit's exchange rate hinges on crude oil prices as the commodity makes up a crucial component of the Malaysian economy.

The ringgit also strengthened after Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said the currency could be undervalued. Zeti however said the ringgit's performance would reflect the country’s economic fundamentals over time.

Across Asia, Japan's Nikkei gained 0.5% while South Korea's Kospi fell 0.24%.

Bloomberg reported that Asian stocks swung between gains and losses as consumer stocks and utilities declined and energy shares rallied after a surge in oil yesterday.

Brent crude surged 5.1 percent in London on Wednesday as Saudi Arabia signaled stronger demand for oil, countering a rise in U.S. stockpiles.

 

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