KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
Good news for the Malaysian market today as the benchmark index was up above the 1,700 point level at the midday break.
| At midday, FBM KLCI was at 1,704.51 |
At 12.30pm, the FBM KLCI was up 11.08 points to 1,704.51.
Gainers led losers by 396 to 282, while 321 counters traded unchanged. Volume was 962.89 million shares, valued at RM1.02 billion.
The top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Scientex Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Batu Kawan Bhd, Ta Ann Holdings Bhd, Petronas Gas Bhd, CIMB Group Holdings Bhd, TAHPS Group Bhd, MISC Bhd and Genting Malaysia Bhd.
The actives incuded Inix Technologies Bhd, APFT Bhd, EKA Noodles Bhd, Chin Hin Group Bhd, Vivocom International Holdings Bhd, Ranhill Holdings Bhd and CIMB.
The losers included Hap Seng Consolidated Bhd, Huat Lai Resources Bhd, Ajinomoto Malaysia Bhd, Globetronics Technology Bhd, Lingkaran Trans Kota Holdings Bhd, Syarikat Takaful Malaysia Bhd, Power Root Bhd and Allianz Malaysia Bhd.
Asian shares were up across the board after the news that U.S. Federal Reserve reduced the number of interest rate hikes expected this year, according to Reuters.
Reuters reported that with this news from US, there is a higher potential for more money to continue flowing into commodities and equities, rather being lured by higher U.S. interest rates, boosted crude oil and emerging market stocks.
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