Bursa Malaysia closes lower amid fears of uncertainty

 Publish date: Thu, 3 Oct 2019, 6:10 PM

KUALA LUMPUR: Bursa Malaysia ended lower today on continued selling in the broader market amid fears of local economic uncertainty and slower global growth, dealers said.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.68 per cent or 10.78 points to 1,564.12 from Wednesday’s close of 1,574.90.
The index, which opened 2.94 points easier at 1,571.96, moved between 1,563.13 and 1,572.04 throughout the day.
The market breadth was bleak as losers outpaced gainers 500 to 299, with 420 counters unchanged, 756 untraded and 19 others suspended.
Turnover expanded to 2.17 billion shares worth RM1.45 billion from 1.85 billion shares valued at RM1.44 billion yesterday.
The FBM Palm Oil Plantation index, which saw heavy selling yesterday, regained 1.18 per cent or 134.44 points to 11,487.39 today.
Online equity broker Rakuten Trade Sdn Bhd’s head of research Kenny Yee that the benchmark index was tracking the overnight Dow Jones Industrial Average performance which took a hit from the release of the latest US factory data.
“The data showed a slowdown. This is a chain reaction as the downtrend involves major economies. This has dragged down most regional indices as well and impacted the local bourse to hit a four-year low,” he told Bernama.
On the local front, Yee said investors are in need of a positive catalyst while cautiously waiting for the Budget 2020 tabling on Oct 11.
“All eyes are now on the budget announcement. However, we hope the FBM KLCI could point higher towards the 1,580 level tomorrow as the US futures equity market is currently trading higher (at the opening),” he said.
 - Bernama
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