KUALA LUMPUR – Bursa Malaysia ended the week at the day’s low today, succumbing to selling pressure in heavyweight counters led by the financial services and healthcare sectors, dealers said.
At 5pm, the benchmark FBM KLCI fell 13.72 points to 1,615.69 from yesterday’s close of 1,629.41.
The key index opened 1.18 points up at 1,630.59 and moved between 1,615.69 and 1,632.01 throughout the day.
However, market breadth was positive with gainers leading losers 631 to 530, while 468 counters were unchanged, 575 untraded and 18 others suspended.
Total volume increased to 9.64 billion units worth RM5.51 billion from Thursday’s 9.53 billion units worth RM5.44 billion.
A dealer said the regional markets ended mixed despite trading firmer in earlier session, with inflation concerns receding and the finalisation of the latest US stimulus measures.
On the local front, after attempting a rebound from yesterday’s losses at the opening, the local bourse subsequently turned easier and remained in the red for the rest of the trading session, but bargain hunting among the lower liners continued to support the broader market, the dealer added.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim told Bernama that the FBM KLCI continued its descent by 0.84% as investors continued cashing in on gains.
“This was in contrast with other regional peers which recorded gains such as China, Japan, South Korea, the Philippines and Indonesia
Meanwhile, the ringgit ended the final day of the week lower by 110 basis points against the US dollar on weak demand due to higher risk appetite for the greenback, said an analyst.
At 6pm, the local note traded easier to 4.1160/1200 versus the US dollar from 4.1050/1100 at yesterday’s close.
Axi chief global market strategist Stephen Innes said again the ringgit and most of Asia’s currencies were being “held hostage” to stubbornly higher US Treasury yields which pressured the ringgit to a weaker close.
“Unfortunately, interest volatility is likely to ease next week with the Federal Open Market Committee’s (FOMC) rate decision hogging the limelight on March 17," he told Bernama.
Meanwhile, the ringgit was traded mostly higher against other major currencies.
It appreciated against the Singapore dollar to 3.0557/0593 from 3.0637/0681, rose against the Japanese yen at 3.7720/7760 from 3.7841/7894 and improved versus the euro to 4.9050/9106 from 4.9108/9176 previously.
However, the ringgit slipped against the British pound to 5.7262/7326 from 5.7261/7339 yesterday. – Bernama, March 12, 2021
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