KUALA LUMPUR: Stock prices on Bursa Malaysia closed mixed on Friday, despite a rebound on Wall Street as investors continued to stay cautious due to prevailing external and domestic uncertainties.
The KLCI had initially opened higher and was in positive territory throughout the day, rising nearly nine points at intra intra-day high. However, the index fell into negative territory in the final minutes of trading, ending 2.8 points lower at 1,274.8 points.
While investors took some heart from the overnight fall in crude oil prices – from a record of above US$135 to US$130.81 per barrel, oil prices are still at very high levels. There will be repercussions on global growth and inflation if crude oil prices are sustained at such high levels.
On the local front, political uncertainties are also likely to keep investors at bay, as evidenced by recent low trading volumes. Volume improved slightly from 488 million to 544 million shares. Market breadth was mixed with an even number of advancing and declining stocks.
Corporate earnings have so far been generally in line with expectations, with no major surprises. There have been no major corporate leads, apart from the earlier re-rating of steel stocks. Transmile's shares rose 12% after it announced a plan to debt-to-equity conversion with the issue of new shares to lenders. It should see more earnings in the next week.
The day's most actively traded stocks include TM, Transmile, AirAsia, Bumiputra-Commerce, Maybank and IOI Corp. Gainers include Nakamichi, BAT, DiGi, KL Kepong, Public Bank and Transmile. Losers include Petronas Dagangan, Shell, Tanjong plc and Kossan.
The market will continue to take its lead from Wall Street and the rest of corporate earnings in the coming week.
No comments:
Post a Comment