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 volatility of the market continues as Wall Street closed lower on Thursday, snapping the 3-day rally this week as Wal-Mart fell and dragged on the market after a slowdown seen in their latest quarter earnings while oil prices pulled back as well.
Wal-Mart Stores Inc (WMT.N) fell 3 percent after the world's largest retailer reported a lower quarterly profit and gave a tepid sales outlook. The stock was the biggest percentage loser in the Dow index.
After the market closed, department store operator Nordstrom Inc (JWN.N) reported lower-than-expected quarterly profit and its shares sank 7 percent.
The oil prices slide lower as well after rallying in recent days. The oil prices pulled back as the benchmark Brent settled lower after data showed a build in U.S. crude inventories.
The Dow Jones industrial average fell 40.4 points, or 0.25 percent, to 16,413.43, the S&P 500 lost 8.99 points, or 0.47 percent, to 1,917.83 and the Nasdaq Composite dropped 46.53 points, or 1.03 percent, to 4,487.54.
The declines of the market was limited as IBM rose 5% on the back of an upgrade by Morgan Stanley to "overweight" stock.
The equity market's volatility means it's dangerous to go in now and with a lot of negative news surfacing, US can take comfort in the economic data that shows the number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to labor market strength.
According to Reuters, 8.1 billion shares changed hands on U.S. exchanges. This is below the 9.5 billion daily average for the past 20 trading days.
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| US market falls as Wal-Mart weighs while oil price also pulls back |
Wal-Mart Stores Inc (WMT.N) fell 3 percent after the world's largest retailer reported a lower quarterly profit and gave a tepid sales outlook. The stock was the biggest percentage loser in the Dow index.
After the market closed, department store operator Nordstrom Inc (JWN.N) reported lower-than-expected quarterly profit and its shares sank 7 percent.
The oil prices slide lower as well after rallying in recent days. The oil prices pulled back as the benchmark Brent settled lower after data showed a build in U.S. crude inventories.
The Dow Jones industrial average fell 40.4 points, or 0.25 percent, to 16,413.43, the S&P 500 lost 8.99 points, or 0.47 percent, to 1,917.83 and the Nasdaq Composite dropped 46.53 points, or 1.03 percent, to 4,487.54.
The declines of the market was limited as IBM rose 5% on the back of an upgrade by Morgan Stanley to "overweight" stock.
The equity market's volatility means it's dangerous to go in now and with a lot of negative news surfacing, US can take comfort in the economic data that shows the number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to labor market strength.
According to Reuters, 8.1 billion shares changed hands on U.S. exchanges. This is below the 9.5 billion daily average for the past 20 trading days.
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