KUALA LUMPUR (Jan 6): The FBM KLCI closed below the 1,600 level today, after being in the negative territory throughout the trading session in line with weaker regional markets.
The benchmark index closed 16.38 points or 1.02% lower at 1,591.97 after touching an intraday low of 1,586.25.
MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof said market sentiment was weak as Fitch Ratings had turned negative in its outlook for the banking sector, while political uncertainties in Malaysia also cast a shadow on the market.
“I expect the volatility to continue. Things can turn quite quickly at the moment,” he told
theedgemarkets.com.
Rakuten Trade Sdn Bhd s research head Kenny Yee opined that the market was consolidating possibly for the next uptrend.
“Such moves were crucial to avoid economic shocks as experienced during the Asian Financial Crisis, which saw a contraction of 7.36% in gross domestic product in 1998, ” said governor Datuk Nor Shamsiah Mohd Yunus.(pic)
KUALA LUMPUR: The local banking and financial sector has experienced one of its toughest years in 2020, but capital and liquidity buffers built over the years have enabled the industry to tackle the challenges from a position of strength, helping the country to cushion the impact of the Covid-19 pandemic.
The six-month automatic moratorium and monetary policy measures were among the actions undertaken by the government and Bank Negara.