Market Review for KLCI:
The FBM KLCI index lost 5.00 points or 0.30% on Tuesday. The Finance Index fell 0.33% to 14236 points, the Properties Index dropped 0.42% to 1155.08 points and the Plantation Index down 0.08% to 7586.92 points. The market fluctuated between a high of 1665 and low of 1657 throughout the trading session on Thursday. The KLCI erased yesterday’s gains and closed lower at 1660.23 points amid overnight mixed performance in Wall Street. Investors were taking profit while trading sentiment turned cautious after the decline in crude oil prices.
The FBM KLCI index lost 5.00 points or 0.30% on Tuesday. The Finance Index fell 0.33% to 14236 points, the Properties Index dropped 0.42% to 1155.08 points and the Plantation Index down 0.08% to 7586.92 points. The market fluctuated between a high of 1665 and low of 1657 throughout the trading session on Thursday. The KLCI erased yesterday’s gains and closed lower at 1660.23 points amid overnight mixed performance in Wall Street. Investors were taking profit while trading sentiment turned cautious after the decline in crude oil prices.
Market forecast for KLCI:
The FBMKLCI opened at the level of 1664 on Tuesday and closed in the red at level of 1660. The trading session on Tuesday saw a low of 1657; The market traded within a range of 7.39 points between an intra-day high of 1665.17 and a low of 1657.78 during the session.
The FBMKLCI opened at the level of 1664 on Tuesday and closed in the red at level of 1660. The trading session on Tuesday saw a low of 1657; The market traded within a range of 7.39 points between an intra-day high of 1665.17 and a low of 1657.78 during the session.
Market continued giving sideways movement and it is expected to move within the same range in the coming trading session. It is expected to breach the support level of 1657 and if it breaches this level it might go further down to the level of 1651. However declining crude oil prices and mixed performance of the Wall street had been the reason for the range bound movement.
KLCI COUNTER SPECIFIC NEWS:
- Axis Real Estate Investment Trust (Reit) proposes to buy and leaseback a piece of industrial land in Sg Choh, Selangor to Scomi Engineering Bhd for RM42 million.
- Coastal Contracts Bhd (Coastal Group) will buy a 49% equity interest in PT Jaya Samudra Karunia Gas (JSK Gas) for US$20.75 million (RM83.2 million), in a move to tap into the growing liquefied natural gas (LNG) supply chain.
- Digi Telecommunications Sdn Bhd, under pressure from an increasingly competitive prepaid market, yesterday introduced two new prepaid packs, the Digi Prepaid Live and Digi Prepaid Best.
- Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) swung to the red registering a net loss of RM2.56 million for the second quarter ended June 30, 2016 against a net profit of RM18.03 million in the previous corresponding period, due to losses in the heavy engineering business and lower contribution from the marine business.
- Bank Negara Malaysia (BNM) yesterday signed a bilateral agreement with Otoritas Jasa Keuangan under the Asean Banking Integration Framework (ABIF) in promoting greater regulatory cooperation as the region moves forward in pursuit of deeper regional financial integration.
- Foreign tide into Bursa Malaysia remained marginal last week, with the net amount purchased by foreign investors edging up slightly to RM105.5 million from RM31.2 million, the week before.
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