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 index gained 4.13 points or 0.25% on Monday.
The Finance Index increased 0.42% to 14149.89 points, the Properties Index up 0.27% to 1194.87 points and the Plantation Index rose 0.38% to 7458.45 points.
The market traded within a range of 7.37 points between an intra-day high of 1675.96 and a low of 1668.59 during the session.
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| FBM KLCI gained 4.13 points |
The increase was mainly due to higher crude palm oil (CPO) prices.
Export-oriented counters such as glove counters were performing quite well today.
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| Top active for the day |
The most actively-traded counter was XOX Bhd while the leading decliner was British American Tobacco (M) Bhd.
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| The leading decliner was British American Tobacco (M) Bhd |
Bursa Malaysia's top gainer is Top Glove Corp Bhd.
Across Asia, Japan's Nikkei 225 rose 0.99%, while South Korea's Kospi closed 0.54% lower. Hong Kong's Hang Seng fell 0.15%.
Reuters reported Asian share markets turned mixed on Monday, as caution grew ahead of Chinese data, though sentiment stayed, supported by hopes the US economy would be able to handle an expected first increase in interest rates in almost a decade.
U.S. crude futures for front-month delivery fell below US$40 per barrel on Monday, after the Organization of Petroleum Exporting Countries (OPEC) failed last week to agree on output targets to reduce a bulging oil glut that has cut prices by over 60% since 2014.
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