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.
Just this morning, Malaysians were greeted with a good news,
the oil rally of 6% and it already feels like it’s gonna be a good day for the
market.
 |
| FBM KLCI closed marginally higher while Asian stocks dropped |
Well, it did, at least for a start but as at 5pm, FBM KLCI
closed at 1,677.28 points on profit taking after reaching an intraday high at
1,685.88.
In the Asia region, Japan's Nikkei 225 fell 0.37%, South Korea's
Kospi dropped 0.11%, while Hong Kong's Hang Seng down to 0.25%.
The oil rally on Monday that had boosted global equity
markets made a U-turn. US front-month West Texas Intermediate (WTI) crude
futures were trading at US$32.72 per barrel at 0753 GMT, down 67 US cents from
Monday's settlement.
International benchmark Brent was also down 61 US cents at
US$34.08 a barrel.
On Monday, we have seen oil prices jumped to as much as 7%
as there are speculations over the falling US shale output fed the notion that
crude prices may be bottoming after their 20-month collapse.
In Europe, Euro and sterling were hit by uncertainty over Britain's membership of the European Union.
The top gainer was Panasonic Manufacturing Malaysia Bhd while the leading decliners included Nestle (M) Bhd and Cycle & Carriage Bintang Bhd. The most active stock was APFT Bhd.
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