BURSA Malaysia snapped two consecutive days of gains to end lower today as investors grapple with policy uncertainties over the interest rate cuts by the US Federal Reserve (Fed) and the Bank of Japan (BoJ), a dealer said.
SPI Asset Management managing director Stephen Innes said the growing concern was whether the BoJ would indefinitely pause interest rates and if the US Fed would opt for a 25- or 50-basis point cut.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.49 points or 0.09% to 1,590.38 from Wednesday’s (Aug 7) close of 1,591.87.
The index opened 5.91 points lower at 1,585.96 and moved between 1,579.69 and 1,593.24 throughout the trading session today.
On the broader market, decliners surpassed gainers 651 to 445, with 467 counters unchanged, 880 untraded, and nine others suspended.
Turnover decreased to 4.31 billion units worth RM3.09 bil from Wednesday’s 5.12 billion units worth RM4.02 bil. – Aug 8, 2024
