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 market
is behaving like a yo-yo and today, we have a better side of things. It’s an
uptrend and we’re looking at a jump for FBM KLCI by 0.27% or 4.56 points to
1,690.91.
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| FBM KLCI closed higher as oil rebound |
There is still no clear signal of breaking the 1,700 mark but things
have been slightly more positive now.
Across
Bursa Malaysia, we saw 1.72 billion shares traded worth RM1.81 billion. There
are 441 winners compared to the 355 losers while another 353 is unchanged.
Regionally,
things are also looking better except for the volatile China.
The
positive sentiment was mainly driven by the rebound of crude oil price and the
expectation of policy easing by the European Central Bank (ECB) later in the
day.
In Bursa,
the top gainer is Kossan Rubber Industries Bhd while leading the decliners was
British American Tobacco (M) Bhd. The warrants of AirAsia X and RedSena
dominated the top active counters.
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