KUALA LUMPUR, Aug 18 (Bernama) -- Bursa Malaysia ended higher on Tuesday, outperforming most regional markets as investors continued to rotate towards commodity and plantation-related stocks, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.47 points, or 0.43 per cent, to 1,733.36 compared with Monday’s close of 1,725.89. The benchmark index opened 1.63 points higher at 1,727.52, and fluctuated between 1,723.60 and 1,734.53 throughout the day. On the broader market, losers outpaced gainers 762 to 438, while 576 counters were unchanged, 1,075 untraded and 16 suspended. Turnover expanded to 3.74 billion units valued at RM2.91 billion from 3.45 billion units valued at RM2.74 billion on Monday.
It seems like it's destined to be another day of disappointment for Wall Street but a late rally helps US Down Jones and the S&P 500 to go back to green. The Nasdaq remains weaker, but was way better than the day's low.
As the USD weakened, investors were quick to act on it and this help to snapped a two days oil rout. Russia's foreign minister's comments also reignited hopes of a deal among oil producers to trim output. The energy index jumped on this news.
The battle to be the most valuable company continues as Alphabet shares tumbled 4% to US$749.38, with Apple regaining the position in terms of market capitalization. Apple rose 2% to US$96.35.
The Dow Jones industrial average .DJI ended up 183.12 points, or 1.13 percent, to 16,336.66, the S&P 500 .SPX gained 9.5 points, or 0.5 percent, to 1,912.53 and the Nasdaq Composite .IXIC dropped 12.71 points, or 0.28 percent, to 4,504.24.
Stocks' late-day rally reversed sharp losses in morning trading. U.S. data showed the economy's service sector expanded at a slower-than-expected rate, raising concerns that weakness in manufacturing was spreading to other areas of the economy.
In other economic news, ADP data showed private employers added more jobs than expected in January. The data comes ahead of the government's more comprehensive employment report on Friday.
Tepid U.S. growth, falling oil prices, and fears regarding a China-led global slowdown have combined to drive stocks down sharply since the start of the year.
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| Wall Street Update |
As the USD weakened, investors were quick to act on it and this help to snapped a two days oil rout. Russia's foreign minister's comments also reignited hopes of a deal among oil producers to trim output. The energy index jumped on this news.
The battle to be the most valuable company continues as Alphabet shares tumbled 4% to US$749.38, with Apple regaining the position in terms of market capitalization. Apple rose 2% to US$96.35.
The Dow Jones industrial average .DJI ended up 183.12 points, or 1.13 percent, to 16,336.66, the S&P 500 .SPX gained 9.5 points, or 0.5 percent, to 1,912.53 and the Nasdaq Composite .IXIC dropped 12.71 points, or 0.28 percent, to 4,504.24.
Stocks' late-day rally reversed sharp losses in morning trading. U.S. data showed the economy's service sector expanded at a slower-than-expected rate, raising concerns that weakness in manufacturing was spreading to other areas of the economy.
In other economic news, ADP data showed private employers added more jobs than expected in January. The data comes ahead of the government's more comprehensive employment report on Friday.
Tepid U.S. growth, falling oil prices, and fears regarding a China-led global slowdown have combined to drive stocks down sharply since the start of the year.
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