Bursa Malaysia Market Update
The FBM KLCI might add a few points today following the rebound of global stocks overnight that clawed back some of the losses due to the Federal Reserve’s inaction last week.
The FBM KLCI might add a few points today following the rebound of global stocks overnight that clawed back some of the losses due to the Federal Reserve’s inaction last week. Meanwhile, the dollar extended Friday’s rally, oil prices staged a solid rebound and gold snapped a three-day run of gains. The CBOE Vix volatility index was down 7% in late trade. On Wall Street, the U.S. stocks rose but still off their highs of the session after a selloff in health-care stocks capped gains by the main indexes. At the closing bell, the S&P 500 added 8.94 points, or 0.5%, higher at 1,966.97. Health care was the only sector to lose ground, while financials and technology stocks led gains. Meanwhile, the Dow Jones Industrial Average rose 125.61 points, or 0.8%, to 16,510.19, with 25 of its 30 members closing higher and the Nasdaq gained 1.73 points higher, up less than 0.1%, at 4,828.95. As for economic data released, existing-home sales dropped 4.8% to an annual rate of 5.31m last month from a slightly revised 5.58m in July according to the National Association of Realtors. Across the Atlantic, the mood was also better with the Europe’s stock benchmark climbed from its steepest loss in two weeks which was helped by late rally for Shanghai Composite Index and optimism after Greece’s election. Performance-wise, the German DAX 30 index added 0.3% to 9,948.51, the FTSE 100 index edged up 0.1% to 6,108.71 and France’s CAC 40 index rose 1.1% to 4,585.50.
Back home, the FBM KLCI gave back half of the gains made the past week after losing 29.98 points to 1,639.83 with losers outpaced gainers by 526 to 274. Volume traded was lower at 1.59bn worth RM1.86bn. All constituents in the FBM KLCI were in the red except for YTL. Regionally, most Asian markets lower, led by Australia’s S&P ASX 200 which lost 2% to end at 5066.2. Elsewhere, Hong Kong’s Hang Seng Index eased by 0.8%, South Korea’s Kospi ended down by 1.6% and the Shanghai Composite Index closed up 1.9%, bucking regional losses. Japanese markets were closed for a holiday.