Bursa closes lower ahead of China’s GDP data FMTNews FMTBusiness
KUALA LUMPUR: Bursa Malaysia closed lower today, with the key index moving in a tight range ahead of the release of China’s first quarter gross domestic product data tomorrow, an analyst said.
The market breadth stayed negative as decliners outpaced gainers 486 to 370, while 408 counters were unchanged, 1,003 untraded and 13 others suspended.SPI Asset Management managing partner Stephen Innes said the market is likely to rally tomorrow once the data has been released tomorrow. Back home, he reckoned the outlook of local equities to remain steady despite the lacklustre performance today as cheap valuations, accompanied by strong fundamentals of the local economy would drive the market going forward.
Among the heavyweight counters, Maybank eased 1 sen to RM8.70, Public Bank lost 2 sen to RM3.97, Tenaga Nasional fell 3 sen to RM9.18, while Petronas Chemicals was unchanged at RM7.40 and CIMB rose 3 sen to RM5.26. The FBM Emas Shariah Index weakened 18.68 points to 10,924.16 while the FBM ACE Index was 1.14 points higher at 5,369.32.
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