[ad_1]
KUALA LUMPUR (Sept. 25): Bursa Malaysia’s main index trimmed some of its gains in the midday break on Friday, as Malaysia remained on the FTSE’s World Government Bond Index (WGBI) Watch List for a possible downgrade.
At 12:30 p.m., the FBM KLCI was up 8.10 points to 1,508.90. The index had previously risen to a high of 1,516.00.
The losers outnumbered the winners by 299 to 297, while 697 meters traded unchanged. The trading volume was 3.20 billion shares valued at 2.34 billion ringgit.
The main winners were Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, Bursa Malaysia Bhd, Time dotCom Bhd, Greatech Technology Bhd, UWC Bhd and Press Metal Aluminum Holdings Bhd.
Actively traded stocks include Advance Synergy Bhd, Kanger International Bhd, Sapura Energy Bhd, HLT Global Bhd, Lambo Group Bhd, Careplus Group Bhd, and Pasukhas Group Bhd.
Those that declined included Kuala Lumpur Kepong Bhd, Komarkcorp Bhd, Nestle (M) Bhd, Westports Holdings Bhd, Cahya Mata Sarawak Bhd, Adventa Bhd, MISC Bhd, and Careplus.
Reuters said Asian stocks rose on Friday after strong U.S. housing data supported a late tech-driven rally on Wall Street, and investors rallied a day after a broad regional index posted its highest. daily loss in more than three months.
US stocks finished positive in choppy trading Thursday, led by a stubborn resurgence in the tech sector, after initially selling higher than expected jobless claims, he said.
Kenanga Research said that the news that FTSE Russell kept Malaysia on a watch list was not entirely surprising and has a positive reading for the stock market, as it removes the immediate risk of funds outflow (and therefore , negatively affects the overall liquidity) of passive index-positioned funds. .
Kenanga’s Koh Huat Soon said that if Malaysia had been downgraded from 2 to 1 market accessibility level, it would have been removed from the WGBI with an estimated significant potential outflow of US $ 8 billion, negatively impacting liquidity and increasing returns with a negative impact on an already fragile economy. .
“That said, although Malaysia remains on the watch list and the risk of a decision in March 2021 for possible removal remains, this news is a relief for the capital markets and the economy,” Koh said.
[ad_2]
