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Bursa Malaysia closes lower as selling pressure tips market into negative territory

Publish date: Tue, 18 Jun 2024, 07:35 PM

KUALA LUMPUR: Bursa Malaysia saw its gains diminish at the close today, as late selling pressure impacted selected blue-chip stocks, especially in utilities and banking sectors.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.07 per cent or 1.19 points to 1,606.13 from last Friday's close of 1,607.32.

The FBM KLCI opened 2.07 points higher at 1,609.39, and subsequently moved between 1,615.09 and 1,606.13 throughout the day.

On the broader market, losers outpaced gainers 766 to 480, while 455 counters were unchanged.

Turnover rose to 5.92 billion units worth RM4.14 billion from Friday's 5.64 billion units worth RM3.92 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng believes the benchmark index will reverse its direction and expect it to hover between the 1,610-1,620 range today attributed to bargain hunting activities. 

"Again, outlook for corporate Malaysia is improving premised on the broad-based upward revision in earnings growth to 8.2 per cent for 2025 following a respectable 16.1 per cent growth for this year," he told Business Times.

Meanwhile, Thong said Wall Street closed higher due mainly to follow through buying last week with the S&P recorded a fresh new high. 

He added that while traders are waiting for the latest retail sales data today, the Dow Jones Industrial Average (DJIA) gained 189 points while the Nasdaq jumped 168 points higher as the US 10-year yield inched higher at 4.285 per cent.

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