Bursa Malaysia ends lower amid geopolitical, global growth concerns
KUALA LUMPUR: Bursa Malaysia ended lower on Monday as investor sentiment weakened amid renewed concerns over geopolitical tensions and global economic growth, an analyst said.
The Bursa Malaysia stock market closed lower on Monday due to weakening investor sentiment, heightening concerns over geopolitical tensions and sluggish global economic growth, according to an analyst. By 5pm, the FTSE Bursa Malaysia KLCI index had slipped by 1.50 points to 1,725.89, compared to the previous Friday's close of 1,727.39.
The benchmark index began the day 0.45 points lower at 1,726.94 and traded between 1,722.16 and 1,731.45 throughout the day. In the broader market, more stocks declined than gained, with 625 losses against 559 gains, and 548 counters remained unchanged. A total of 1,113 shares were untraded, and 27 were suspended. Trading volume decreased to 3.45 billion units worth RM2.74 billion, down from 3.50 billion units worth RM2.59 billion on Friday.
Mohd Sedek Jantan, director of investment strategy at IPPFA Sdn Bhd and country economist, attributed the recent market downturn to fresh doubts sparked by developments in the Middle East, which have kept investors skeptical about the potential repercussions on energy prices and regional stability. Banking stocks led the decline in Bursa Malaysia, acting as the primary force dragging down the benchmark index.
This decline was attributed to cautious positioning in index-heavy large-cap counters amidst the more challenging global economic environment.
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