The FBM KLCI finished 8.70 points or 0.53% lower at 1,627.01, dragged mainly by profit taking on banking counters. The index earlier rose to a high of 1,637.88.
Unit trust fund managers have enjoyed strong inflows this year, even as the product sees unprecedented levels of competition from a host of new and emerging investment platforms. Nonetheless, unit trusts will continue to be the dominant form of investment for the foreseeable future, industry players tell
Wealth.
“I think no matter how much we try to simplify the product and maximise our education efforts, there is just a baseline amount of complexity built into the investment landscape. That complexity cannot be avoided. And, ultimately, most retail investors want to be guided through their decision-making. That service is presently best expressed in the unit trust industry via an agency force,” Areca Capital Sdn Bhd CEO Danny Wong says.
Banking stocks dominated the list of top losers this morning, after Fitch Ratings said the rating outlook for global banks has turned negative for 2021. At 9.41am, Hong Leong Financial Group Bhd declined 42 sen or 2.3% to RM17.82, making it the top loser this morning.