FBM KLCI - correction likely to continue

Stocks on Bursa Malaysia closed lower last Friday as equity market sentiment showed a short-term downturn as a confluence of negative news had impacted the market sentiment, including the weak crude palm oil prices, mostly disappointing corporate results for the quarter ended June 30, 2014, weakness in Europe and growing geopolitical risks from the Ukraine-Russia conflict. The FBMKLCI shed 9.57 points or 0.51% to 1,866.11, its lowest level of the day, after moving between 1,866.11 and 1,879.53 throughout the day. On a weekly basis, the key index fell 4.88 points from previous Friday’s 1,870.99. Losers outpaced gainers 660 to 251 while 262 counters remain unchanged. Total volume rose to 3.22 billion shares worth RM2.85 billion from 3.01 billion shares worth RM2.2 billion on Thursday. Weekly turnover fell to 15.18 billion shares, valued at RM11.57 billion, from 22.67 billion shares, worth RM13.40 billion, recorded the previous week. Read more>>