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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.
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Market Daily Report: FBM KLCI bullish after Fed's rate on hold and oil rally continue

FBM KLCI jumped 13.15 points to close at 1,716.34


The FBM KLCI saw a strong trading day today as the market jumped 13.15 points to close at its intraday high of 1,716.34. 

The uptrend was in line with the regional market after the US Fed decided to keep rate on hold. The decision, reached at a two-day Federal Open Market Committee (FOMC) meeting that begun on Tuesday, resulted in renewed investor confidence in emerging markets.

Across the regional market, Hong Kong's Hang Seng index was up 167.82 points or 0.82%, South Korea's KOSPI rose 4.13 points or 0.21%, and Singapore's Straits Times Index gained 15.07 points or 0.52%.

Japan's Nikkei 225, however, was down 211.57 points or 1.25% while the Stock Exchange of Thailand slipped 0.43 points or 0.03%.

According to Reuters, Asian shares edged higher on Friday as oil touched a 2016 high.

Today, FBM KLCI saw 2.03 billion shares, valued at RM2.98 billion, traded.

There were 538 gainers against 349 losers, while 317 counters were unchanged.

The day's top gainers were Panasonic Manufacturing Malaysia Bhd, Petronas Gas Bhd, Pos Malaysia Bhd, Malaysia Airports Holdings Bhd and Scientex Bhd.

Losers included Nestle (M) Bhd, BLD Plantation Bhd, Latitude Tree Holdings Bhd and Kossan Rubber Industries Bhd.

The most actively traded counter was SMTrack Bhd, with 77.64 million shares changing hands.
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