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Wednesday, April 12, 2017

Market Daily Report: KLCI rebounds after two days in the red

KUALA LUMPUR (April 12): The FBM KLCI rebounded today from two days of consecutive losses, as it inched up 0.47% on market close, lifted by gains in oil price and Asian markets.
At 5pm, the benchmark index settled at 1,744.08, up 8.24 points from its previous close, after 4.02 billion shares worth RM2.4 billion were traded.

According to Inter-Pacific Research Sdn Bhd's head of research Pong Teng Siew, the market saw a recovery in the latter part of the day as sentiments improved.

"At the start of the day, the market was pretty volatile and was trading sideways as a result of the overnight US stocks' performance. But as the day progressed, sentiments improved along with the [rest of the] region, and the improvement in oil price. The European market also opened higher, which contributed to the improved sentiments as well," Pong said.

He added that the strong volume registered is also an indicator of investors' interest in the stock market.

Across the region, Hong Kong's Hang Seng Index gained 0.93% and Korea's Kospi grew 0.24%, though Japan's Nikkei 225 slipped 1.04%.

Reuters reported that Japanese stocks fell to their lowest in more than four months on Wednesday as rising geopolitical tensions curbed risk appetite, with exporters badly hit as safe-haven yen spiked to a five-month high.

Back on Bursa Malaysia, the day recorded 427 gainers versus 506 decliners, while 349 counters were unchanged. Malayan United Industries Bhd was the most active counter while Nestle (M) Bhd emerged as the top gainer, as Ajinomoto Malaysia Bhd led the decliners.

Source: The Edge

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