Banking counters weigh on Bursa, FBM KLCI down 5.77 points on Wednesday

LOSSES in heavyweight counters, led by banking stocks, weighed on the FBM KLCI amid caution ahead of US Federal Reserve (Fed) chairman Jerome Powell’s speech on the US interest rate outlook later today and tomorrow.

However, the broader market was positive as interest centered on lower liners due to optimism over corporate earnings and improving economic conditions, according to Rakuten Trade equity research vice-president Thong Pak Leng.

At 5pm,  the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.39 per cent, or 5.77 points to end at 1,457.60 from Tuesday’s (Nov 7) closing of 1,463.37.

The index opened 2.24 points easier at 1,461.13 and moved between 1,454.46 and 1,462.01 throughout the trading session.

The broader market was positive as gainers led decliners 490 to 412, while 454 counters were unchanged, 1,008 untraded and 10 others suspended.

Turnover expanded to 3.45 billion units valued at RM1.97 bil from Tuesday’s 3.27 billion units valued at RM2.17 bil. – Nov 8, 2023

Subscribe and get top news delivered to your Inbox everyday for FREE