KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
As Brent crude oil prices hit a five and a half year low of nearly US$57 per barrel and the ringgit hit a near five year low of 3.5027 to the dollar, the FBM KLCI also slips 0.09% today and closes at 1,766.830.
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| FBM KLCI closes at 1,766.830 |
There were 382 gainers against 402 decliners, while 304 counters remained unchanged.
In our post earlier on the oil price slump, we were of the opinion that Bursa Malaysia would follow suit as per the declining trend of the oil price as we see a sharp drop.
Today's top gainers: Hong Leong Capital Berhad, British American Tobacco Bhd and Apex Healthcare Bhd.
The top decliners: Multi-Usage Holdings Bhd, Press Metal Bhd, and Aeon Co. Bhd.
Hubline Bhd was the most actively traded stock for today.
While the oil price dropped about 1%, the FBM KLCI only decline slightly at about 0.09%. This is most likely because of the support from the local institutional investors.
The holiday season also contribute to one of the reasons why the market did not react in tandem to falling oil prices.
Regionally, Hong Kong's Hang Seng was down by 1.14%, Japan's Nikkei was 1.57% lower, and South Korea's Kospi was also lower by 0.64%.
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