Friday 29 Mar 2024
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KUALA LUMPUR (July 22): The FBM KLCI fell 0.12 point after volatile trade, as investors reacted to Japan share losses and lower crude oil prices.

U.S. authorities' probe on 1Malaysia Development Bhd (1MDB) could have also dictated Malaysian stock market sentiment. At 5 p.m., the KLCI finished at 1,657.42 points, after rising to an intraday high at 1,659.76 and falling to its intraday low at 1,651.90.

“Falling crude oil prices dampened sentiment and there seems to be a lack of fresh catalysts to excite the market. Therefore, the market’s performance today is in line with regional markets, which are also in the red,” JF Apex Securities Bhd senior analyst Lee Cherng Wee told theedgemarkets.com.

Across Asian share markets, Japan’s Nikkei 225 fell 1.09%, while Hong Kong’s Hang Seng was down 0.16%. Japan shares fell on a firmer yen, which does not bode well for the country's exporters.

Reuters reported Asian stocks dipped on Friday, after weak corporate results halted Wall Street's record run overnight, while the yen held to large gains made after the Bank of Japan governor downplayed the need for "helicopter money" stimulus.

It was reported that Brent crude fell 11 cents or 0.2% to US$46.09 a barrel as of 0700 GMT, after closing 2.1% lower in the previous session, as investors reassessed U.S. data underlining the glut in petroleum, while Iraqi crude exports are also on the rise.

The ringgit weakened with crude oil prices, as the commodity forms a crucial portion of the Malaysian economy and government revenue. The ringgit depreciated to its weakest level today against the U.S. dollar at 4.0730.

At Bursa Malaysia, the bourse saw 1.38 billion shares, valued at RM1.41 billion, traded. There were 397 gainers against 340 decliners.

Top gainer was Cycle & Carriage Bintang Bhd, while leading decliner was PPB Group Bhd. The most active counter was Sanichi Technology Bhd.

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