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.
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| REDDISH START FOR FBMKLCI |
Forget the champagne, the Christmas tree, the gifts, the holidays....2016 kickstart and FBMKLCI brings Malaysian back to reality....39.14 points dropped. That's a 2.31% decline from where we were on 31st December 2015.
Of course, Malaysians will be relief that we are not the only one....most likely, no other countries take it worse than China did....Shanghai Shenzhen CSI 300 Index fell 7% to trigger the "circuit breaker" on the very first day that the trading suspension mechanism came into effect.
Here's a summary for the day:
A total of 1.92 billion shares, worth RM1.734 billion, were done for the whole trading session.
The top losing counter was British American Tobacco Malaysia Bhd, while the top gainer was United Plantations Bhd.
The most actively-traded stock of the day was Instacom Group Bhd, with a trading volume of 85.77 million shares.
So what do you think? Will this red and bear period be a short one or a longer one? Many cites China as the benchmark....let's wait and see how the market in US will perform on the first day of 2016...
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