KUALA LUMPUR: The local stock market is expected to trade lower on profit-taking, influenced by poor gross domestic product (GDP) growth in the US and Japan.
Affin Hwang Investment Bank vice-president/head of retail research Datuk Dr Nazri Khan Adam Khan said in view of a quiet economic schedule in the traditionally bearish month of May, focus would likely remain on catalyst and resolution from the G7 meeting in Berlin, Germany, on measures to boost the global economic growth.
“There appears to be a shift in market sentiment taking place, with caution on renewed Greece-Europe crisis and slowdown in the US as an excuse for profit-taking after the solid March/April equity market rally.
“Despite the dovish statement from the US Federal Reserve (Fed) regarding interest rate hike, global equity markets were generally flat after the release of US GDP data and the Fed’s decision,” he told Bernama.
On a Friday-to-Thursday basis, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 44.31 points to 1,818.27 from 1,862.58 last Friday.
The FBM Emas Index fell 273.69 points to 12,539.04, the FBMT100 Index contracted 267.01 points to 12,220.51 and the FBM Emas Shariah Index lost 279.64 points to 13,073.91.
The FBM 70 decreased 179.59 points to 13,615.7, and the FBM Ace trimmed 368.75 points to 6,988.01.
Sector-wise, the Finance Index was down by 309.01 points to 16,113.78, the Industrial Index fell 52.66 points to 3,363.5, and the Plantation Index weakened 154.01 points to 7,595.52.
Weekly turnover declined to 7.40 billion units worth RM8.27 billion from last Friday’s 12.99 billion units worth RM10.42 billion.
Main market volume decreased to 4.54 billion shares valued at RM7.61 billion against 7.44 billion shares valued at RM9.02 billion.
Warrant turnover narrowed to 332.03 million units worth RM59.21 million versus 387.07 million units worth RM336.62 million.
The ACE market slipped to 2.51 billion shares worth RM597.94 million from 5.15 billion shares worth RM1.33 billion.
The local market was closed on Friday for Labour Day and will remain closed on Monday, May 4, in lieu of the Wesak Day public holiday on Sunday. — Bernama