Share prices on the Bursa Malaysia started the new week on June 22 on a distinctly weaker footing. The KL Composite Index opened sharply lower, in contrast to the more positive sentiment in most Asian markets.
Having said that, the bellwether indices in regional markets did pare back gains in the later part of the day. Sentiment is likely to stay ambivalent in the near term.
The KLCI fell by as much as 19 points in the early hour of trading but clawed back some losses as the day progressed.
Nevertheless, sentiment remained negative. Market breadth was heavily in the red throughout the day.
At the close, there were well over five losing counters for every gaining one. Leading the top losers were blue chips like BAT, Bumiputra Commerce, Tanjong plc and Tenaga Nasional. The benchmark index ended the day 13.5 points lower at 1,046.
Roughly 1.24 billion shares changed hands. Much of the trading activities were centered on lower liner stocks. KNM was the most actively traded counter for the day, by far.
Other heavily traded stocks include UEM Land, Compugates, Tebrau Teguh and Scomi.
The local bourse has been undergoing mild correction in recent days. Share prices ended broadly lower last week with the KLCI losing almost 31 points. Losses extended into the current week. This is not too surprising given the sharp gains since mid-March.
Markets may have already priced in much of the global economic recovery on the back of more upbeat data. So much so that some are concerned that the actual pace of recovery may fall short of expectations.
Investors will be watching closely reports on US personal spending and incomes due out Friday for evidence that the jump in consumer confidence is translating into higher consumption. A recovery in US consumer spending remains key to the global economic recovery.
Having said that, the bellwether indices in regional markets did pare back gains in the later part of the day. Sentiment is likely to stay ambivalent in the near term.
The KLCI fell by as much as 19 points in the early hour of trading but clawed back some losses as the day progressed.
Nevertheless, sentiment remained negative. Market breadth was heavily in the red throughout the day.
At the close, there were well over five losing counters for every gaining one. Leading the top losers were blue chips like BAT, Bumiputra Commerce, Tanjong plc and Tenaga Nasional. The benchmark index ended the day 13.5 points lower at 1,046.
Roughly 1.24 billion shares changed hands. Much of the trading activities were centered on lower liner stocks. KNM was the most actively traded counter for the day, by far.
Other heavily traded stocks include UEM Land, Compugates, Tebrau Teguh and Scomi.
The local bourse has been undergoing mild correction in recent days. Share prices ended broadly lower last week with the KLCI losing almost 31 points. Losses extended into the current week. This is not too surprising given the sharp gains since mid-March.
Markets may have already priced in much of the global economic recovery on the back of more upbeat data. So much so that some are concerned that the actual pace of recovery may fall short of expectations.
Investors will be watching closely reports on US personal spending and incomes due out Friday for evidence that the jump in consumer confidence is translating into higher consumption. A recovery in US consumer spending remains key to the global economic recovery.