KUALA LUMPUR: Bursa Malaysia saw a follow through in selling pressure on Thursday which took the benchmark index lower amid a relatively weak broader market.
At 5pm, the 30-stock index was down 6.04 to 1,816.88. The benchmark index opened opening 0.9 of-a-point lower at 1,822.02 this morning.
On the broader market, losers thumped gainers 781 to 265 while 363 counters unchanged. About 4.01 billion shares, valued at RM3.04bil, changed hands.
Dealers said the performance of our benchmark index was in line with overnight retreat US market and market sentiment remained muted as lack of fresh lead.
The ringgit strengthens below the RM4 level. At 5.30pm, the ringgit was quoted at 3.9910 against the greenback. The local unit opened higher against the US dollar this morning.
Kenanga Research said the ringgit would remain on a strong footing and gradually appreciate against the US dollar and other major currencies, given the economy’s solid current account surplus, benign inflation outlook and prudent fiscal position.
“Nevertheless, we may also see a more volatile ringgit, mainly affected by the anticipated three rate hikes by the US Federal Reserve this year.
“Hence, we may see the USD-MYR pair trading in a wider range between 3.95 and 4.10 in the first quarter this year,” kenanga said.
At Bursa Malaysia, top loser was British American Tobacco
that fell 94 sen to RM34.06. Petronas Gas lost 50 sen to RM18.50 while United Plantations fell 42 sen to RM27.98.
Ayer was the top gainer, adding 39 sen to RM6.70. F&N rose 22 sen to RM28.20 and Kuchai was 20 sen higher at RM1.76.
Among heavyweights, Genting closed 22 sen lower to RM9.18, Digi declined 10 sen to RM4.70, Genting Malaysia fell 11 sen to RM5.46 and Axiata shed five sen to RM5.57.
Meanwhile, Hong Kong’s benchmark stock index rose for the 13th consecutive session on Thursday. The Hang Seng index was up 46.67 points or 0.15% at 31,120.39.
Reuters reported that European share trading got off to a hesitant start on Thursday as concerns over protectionism and a bond market sell-off made the breakneck New Year rally in equities fizzle out.
The pan-European Stoxx 600 held steady while euro zone stocks dipped 0.1%. Britain’s FTSE 100 meanwhile touched a fresh record, its third in as many days, with a 0.2% gain.
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