Lacklustre sentiment continues to keep investors at sidelines

Lacklustre sentiment continues to keep investors at sidelines
-A +A

KUALA LUMPUR (Oct 25): The FBM KLCI closed slightly lower at 1,570 points today in line with regional indices, amidst lack of positive news coupled with the uncertainties over the US-China trade war and potential slowdown in the global economy.

The benchmark index fell 1.11 points or 0.07%, with a day range between 1,567.9 points and 1,573.15 points.

Across the board, total trading volume at Bursa Malaysia amounted to 2.06 billion shares worth some RM1.4 billion. There were 322 gainers versus 429 losers, with 417 counters unchanged.

Notable gainers include Syarikat Takaful Malaysia Keluarga Bhd and Ta Ann Holdings Bhd, while ViTrox Corp Bhd was one of the main losers today. Structured call warrant that track Hang Seng Index (HSI-C7F) was the most actively traded counter, with 75.4 million units changing hands today.

When contacted, Malacca Securities Sdn Bhd head of research Victor Wan told that KLCI is expected to remain range-bound next week as the market lacks a near-term catalyst.

“The market is going nowhere and will remain very much range-bound, unless there is a strong catalyst. This also shows that the run at lower liners is about to end, as most counters have been in the overbought position,” he said.

Reuters reported that most Southeast Asian stock markets traded in the red on Friday as uncertainty over the Sino-US trade deal was revived ahead of fresh rounds of negotiations, while concerns about global economic slowdown continued to rattle confidence.

It added that investors are also cautious ahead of a summit in Chile where US President Donald Trump hopes to finalise a partial trade deal with China's Xi Jinping.

Japan’s Nikkei gained 0.22% today while the Hong Kong Hang Seng Index fell 0.49%, South Korean Kospi went up 0.11%.