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.
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| Wall Street Update |
Wall Street has seen an early rally lost steam yesterday as market closed mix, with the Dow Jones Industrial average turned negative and fell 100 points, or 0.6%, to 15,915, after being up for most of the day and rising as high as 190 points in early trading. The early rally was sparked after Federal Reserve Chair Janet Yellen's prepared remarks to lawmakers cited emerging headwinds that could signal a pause in its plan to raise interest rates.
S & P 500 was off its earlier highs and ended up down just 0.02% to 1852. The Nasdaq composite index rose 15 points, or 0.4%, to 4284.
Investors continue to remain nervous about a potential slowing down of the economy and uncertainty surrounding plans for further interest rate hikes.
Analysts were hoping that Yellen would hint that the Federal Reserve could hold off on additional rate hikes, due to tightening financial conditions caused by market tumult and slowing global growth since its December meeting, when it hiked interest rates for the first time in nearly 10 years.
Wall Street continued to closely watch oil prices, following a sharp plunge Tuesday. U.S.-produced crude was down 1.5% to $27.52 a barrel after rallying earlier to as high as $29.22.
European stock markets enjoyed a relief rally, ending two days of sharp losses. The Stoxx Europe 600 index was up 1.8%. In Germany, the DAX was 1.6% higher and in Paris the CAC 40 was up 1.6%.
Shares in Japan again fell sharply, following Tuesday's 5.4% drop. The Nikkei 225 closed down 2.3%, hurt by a rising yen versus the dollar, which hurts Japanese exporters.
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