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Malaysian market to remain lacklustre

[ 23-07-2015 ]
Malaysian market to remain lacklustre

KUALA LUMPUR: BIMB Securities Research expects the Malaysian stock market to remain lacklustre on Thursday and the FBM KLCI’s immediate resistance at 1,735.

On Wednesday, the KLCI closed down 6.66 points at 1,729.53 dragged down by plantations heavyweights like KL Kepong and Sime Darby.

“Foreign investors continue to be net seller yesterday at RM184mil, bringing the net outflow for the week to RM401mil,” it said.

Overnight on Wall Street, BIMB Research said investors were taking profit resulting in DJIA shedding 68.25 points to close at 17,851.04, exacerbated by some earnings disappointments.

In Europe, markets were red across the board attributed to the weaker performance in the US. In earlier trade, Asia markets were generally lower following the poorer-than-expected performance in US and Eurozone.

Japan’s Nikkei ended its winning streak to close 1.2% lower on Wall Street losses and resignation news of Toshiba CEO.