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 market dropped as anticipated, with the FBMKLCI closing 1.1% lower to 1,644.41. This was in line with the global equities' decline.
US equities closed near flatline Tuesday, after a choppy trading session, as US oil prices seesawed and investors looked ahead to Federal Reserve chair Janet Yellen’s testimony.
Across the exchange, a total of 887.61 million shares, worth RM1.06 billion, were traded. Market sentiment was bearish, as decliners beat gainers by 506 to 249, while 220 counters were unchanged.
Leading the decliners were blue chips like Kuala Lumpur Kepong Bhd, Malaysia Airports Holdings Bhd and British American Tobacco (Malaysia) Bhd, while gainers were led by Dutch Lady Milk Industries Bhd. The top active stock was Tiger Synergy Bhd.
Across the region, Japan’s Nikkei fell 2.31%, while South Korea’s Kospi gained 1.52%. China stock markets were closed for the Lunar New Year holidays.
According to Bloomberg data, the ringgit strengthened to 4.1243 against the US dollar and traded at 2.9642 against the Singapore dollar.
Brent crude gained 2.3% to US$31.02 per barrel, while West Texas Intermediate (WTI) rose 2.1% to US$28.52 per barrel.
The drop in the global market is largely due to the growing concerns about the health of the world's banks, particularly in Europe, pushing investors into safer assets such as the yen, which stood near a 15-month high versus the dollar.
US equities closed near flatline Tuesday, after a choppy trading session, as US oil prices seesawed and investors looked ahead to Federal Reserve chair Janet Yellen’s testimony.
Across the exchange, a total of 887.61 million shares, worth RM1.06 billion, were traded. Market sentiment was bearish, as decliners beat gainers by 506 to 249, while 220 counters were unchanged.
Leading the decliners were blue chips like Kuala Lumpur Kepong Bhd, Malaysia Airports Holdings Bhd and British American Tobacco (Malaysia) Bhd, while gainers were led by Dutch Lady Milk Industries Bhd. The top active stock was Tiger Synergy Bhd.
Across the region, Japan’s Nikkei fell 2.31%, while South Korea’s Kospi gained 1.52%. China stock markets were closed for the Lunar New Year holidays.
According to Bloomberg data, the ringgit strengthened to 4.1243 against the US dollar and traded at 2.9642 against the Singapore dollar.
Brent crude gained 2.3% to US$31.02 per barrel, while West Texas Intermediate (WTI) rose 2.1% to US$28.52 per barrel.
The drop in the global market is largely due to the growing concerns about the health of the world's banks, particularly in Europe, pushing investors into safer assets such as the yen, which stood near a 15-month high versus the dollar.
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