Bursa Malaysia Ends Lower In Line With Regional Markets
REGION - CENTRAL > NEWS
By Siti Radziah Hamzah
KUALA LUMPUR, May 19 (Bernama) -- Bursa Malaysia ended lower on Monday, mirroring the lacklustre performance across Asia as weak Chinese economic data and the recent downgrade of the United States' sovereign credit rating weighed on regional market sentiment.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 15.61 points, or 0.99 per cent, to 1,556.14 from Friday's close of 1,571.75.
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The benchmark index opened 5.18 points lower at 1,566.57 and fluctuated between 1,550.93 and 1,566.57 throughout the trading session.
In the broader market, losers thumped gainers 889 to 216, while 384 counters were unchanged, 906 untraded and 17 suspended.
Turnover increased to 3.71 billion units worth RM2.27 billion versus last Friday's 2.91 billion units worth RM2.16 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng believed the selldown offers an opportunity to bargain hunt stocks at lower levels.
'We reckon it is time to accumulate blue chips with strong dividend yields, such as banks and utilities, for a better defensive approach. As such, we anticipate the benchmark index will trend within the range of 1,550-1,580 for the week,' he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research, Mohd Sedek Jantan, said despite the selling pressure, trading activity remained robust.
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