FBM KLCI - likely to consolidate

Stocks on Bursa Malaysia closed lower last Friday as investors trimmed their positions ahead of the weekend amid bearish external sentiment. The local market performance was in line with the weakening global equity market on expectation of an early move by the US Federal Reserve to slow its support in the world's largest economy, and renewed concerns came after the release of data that showed a strengthening labour market and higher inflation. The FBM KLCI fell 3.97 points or 0.22% to close at 1,788.24 after moving between 1,786.76 and 1,791.26 throughout the day, while on a weekly basis, the key index gained 8.92 points from previous Wednesday's close of 1,779.32. Losers led gainers by 422 to 379 with 303 counters unchanged. Total turnover fell to 2.13 billion shares worth RM1.61 billion from Thursday's 2.41 billion shares worth RM2.07 billion. Weekly turnover almost tripled to 10.33 billion shares valued at RM8.97 billion from previous week's 3.85 billion shares valued at RM4.25 billion. ...Read more>>