KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
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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