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.
US stocks rebounded after a rather bad week.
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| Wall Street Update |
The Standard & Poor’s 500 Index’s still lost slightly for the week, albeit only at less than 1% after the rally yesterday. Statistical data released has shown a higher retail sales. Banks seen a rally of about 4% after JPMorgan Chase & Co.’s Jamie Dimon said he bought more shares in the bank, while Commerzbank AG’s results helped European equities rebound from the lowest level since 2013.
The yield on 10-year Treasuries climbed for the first time in six days. Crude rallied 12 percent from a 12-year low to top $29 a barrel in New York.
The week ended on a slightly positive note for US and European shares, as Commerzbank’s results eased concern that lenders won’t find ways to be profitable amid dwindling interest rates. Dimon’s vote of confidence was echoed by Norway’s sovereign wealth fund, which boosted its stake in Credit Suisse AG.
The positive news couldn't be more timely as crude also delivered its biggest rally in three weeks.
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