Malaysian Stock Market Closes Lower On Negative External Factors

KUALA LUMPUR, March 8 (Bernama) -- The slow progress of the US-China trade talks, coupled with the decline in the Shanghai and Hong Kong stock markets, dragged the Malaysian stock market (Bursa Malaysia) to close lower on Friday. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 7.05 points to 1,679.90 from Thursday’s close of 1,686.95. The benchmark index opened 0.82 of-a-point weaker at 1,686.13 and moved between 1,678.66 and 1,688.28 throughout the day. On the scoreboard, market breadth was negative with 524 losers to 328 gainers, while 382 counters remained unchanged, 668 untraded and 20 others suspended. Volume was lower at 2.61 billion units valued at RM2.22 billion from 3.06 billion units worth RM2.41 billion recorded yesterday. “US President Donald Trump was hoping that he could boost the US stock market when he closed the trade deal with China. But just before that happened, Chinese technology company Huawei announced it would sue Washington for barring US government agencies from buying its equipment and services. “We foresee that the countries are not concluding the deal any time soon,” a dealer said. He added that investors were also concerned on the anticipated slowdown in the Chinese economy. On Tuesday, China revised down its gross domestic product growth target for 2019 to a range of six to 6.5 per cent. Next, investors will be closely monitoring the US jobs report and that will likely provide more clues for the market. Among heavyweights, Maybank was flat at RM9.53, Public Bank fell four sen to RM24.50, Tenaga shed 12 sen to RM12.70 while Petronas Chemicals added seven sen to RM9.25. Of actives, Dayang Enterprise jumped 18 sen to RM1.58, Prestariang slipped 1.5 sen to 52.5 sen, MYEG lost four sen to RM1.19 and Perdana Petroleum was flat at 29 sen. -- BERNAMA