Philip Capital Management says the present foreign-selling of shareholdings are temporary and stems largely from reluctant sellers who fear a weaker ringgit would erode their investment based on exchange rate.
KUALA LUMPUR: Share prices on Bursa Malaysia ended lower today, prompted by continuous selling pressure in most heavyweight counters.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 7.32 points to 1,629.87 after opening 4.51 points weaker at 1,632.68.
Market breadth was negative as losers thumped gainers 546 to 300 with 313 counters unchanged. Turnover was 1.56 billion shares valued at RM1.65bil.
Maybank declined four sen to RM8.23, TNB and Public bank fell two sen each to RM14 and RM19.12, respectively, while IHH Healthcare shed one sen to RM6.52.
Laggards in the FBM KLCI component stocks were led by Axiata Group Bhd
, which dragged the index down by 1.4761 points and Maxis, which pulled down the index by 0.7538 points.
Axiata closed 10 sen lower to RM5.24, while Maxis declined 6 sen to RM5.50.
Leading the top gainers, Ajiya rose 38 sen to RM3.98, DKSH increased 17 sen to RM3.92 and Thong Guan accumulated 16 sen to RM3.40.
Dutch Lady and PIE Industrial ended the day among the top losers, declining RM1.20 to RM54.80 and RM1.14 to RM12 respectively.
Spot gold fell 0.55% to US$1,205.68 per troy ounce.
The ringgit was quoted at 4.1150 against the greenback while West Texas Intermediate oil has fallen to US$49.17 while Brent crude have eased to US$48.99 per barrel.
Among the key regional markets:
Japan’s Nikkei 225 is up 1.35% to 117,068.02 ;
Hong Kong’s Hang Seng Index is up 0.26% to 20,629.39;
Shanghai Composite Index up 0.05% to 2,822.45;
Taiwan’s Taiex rose 0.85% to 8,535.87;
South Korea’s Kospi down 0.1% to 1,967.13 and;
Singapore’s Straits Times Index is down 0.21% to 2,796.75 points.
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