KUALA LUMPUR, April 2 (Bernama) -- Bursa Malaysia’s benchmark index ended higher, amid an overall cautious market sentiment, on bargain-hunting activities, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 12.87 points or 0.85 per cent to the day’s high of 1,526.52 from Friday’s close of 1,513.65. The benchmark index had opened 3.49 points higher at 1,517.14 and reached an intraday low of 1,514.08. In the broader market, decliners thumped gainers 637 to 288, while 428 counters were unchanged, 995 untraded and nine suspended. Turnover went up to 2.37 billion units valued at RM2.03 billion from Friday’s 2.25 billion units valued at RM2.13 billion. The market was closed on March 31 and April 1 for the Hari Raya public holidays.
There is a sense of relief as FBM KLCI rebound after closing lower for 4 days. It is more of a technical rebound, with the index closed at 1,681.900, increased by 7.96 points.
The technical rebound come as there is sign of stabilization in price of commodities and ringgit.
The rebound is welcomed with a sign of relief after the FBM KLCI Index dropped 35.68 points on Monday (15/12/2014) and another 23.27 points on Tuesday (16/12/2014). The rebound happened as analysts believe the market is in an oversold condition.
On the other hand, the Asian markets were mixed with Japan’s Nikkei rose 0.38%, Hong Kong’s Hang Seng retreated 0.37%, while South Korea’s Kospi fell 0.21%.
The current financial crisis in Russia, and the sharp decrease in the oil price has negatively impacted the market.
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