KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
The FBM KLCI closed 0.13% lower today at 1,663.200 as the index is weighed by losses in index-linked plantation stocks, making it the second consecutive day of decline.
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| FBMKLCI closed at 1,663.200 |
The Finance Index increased 0.46% to 14121.1 points, the Properties Index up 0.35% to 1213.34 points and the Plantation Index down 1.22% to 7521.61 points. The market traded within a range of 12.26 points between an intra-day high of 1670.03 and a low of 1657.77 during the session.
The index was dragged by losses in plantation stocks such as IOI Corp Bhd, PPB Group Bhd and Kuala Lumpur Kepong Bhd. The inventory numbers released by the Malaysian Palm Oil Board (MPOB) yesterday were higher than expected, which did not bode well for the commodity's prices.
Across the board, a total of 2.14 billion shares worth RM1.85 billion were traded. Gainers beat decliners with 476 versus 409, while 353 counters were unchanged.
The most active stock was Instacom Group Bhd.
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| Top 3 Active counters today |
The gainers were led by Tien Wah Press Holdings Bhd, while Petronas Dagangan Bhd led the decliners.
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