FBM KLCI - likely to move range-bound

Stocks on Bursa Malaysia closed broadly lower last Friday with last-minute buying on selected blue-chips which pushed the benchmark index into the positive territory at close. Market sentiments were cautious as the recent sharp gain was just a temporary relief, as two other major catalysts were still keeping investors jittery and on the sidelines, namely Greece’s exit from the Eurozone and the three-day US FOMC meeting beginning today, July 6, which may decide on raising interest rates. At close, the FBM KLCI finished at 1,734.24, up 0.36 point, or 0.02%, after moving between 1,724.50 and 1,738.09 throughout the day. On a weekly basis, the key index gained 23.77 points from 1,710.47 previously. Losers thumped gainers by 459 to 259, while 298 counters were unchanged. Total volume eased to 1.45 billion units worth RM1.39 billion from Thursday’s 1.46 billion units valued at RM1.85 billion. Weekly turnover rose to 8.27 billion units worth RM9.37 billion from 7.35 billion units worth RM8.19 billion previously. Read more >>