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.
Bursa Malaysia's benchmark, FBM KLCI suffered a drop of 10.07
points or 0.6% as China’s data disappoints the market. At market close, FBM
KLCI was at 1,687.86 points.
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| FBM KLCI closed 10.07 points lower |
Reuters reported that global stock markets fell on Tuesday after
another batch of weak data from China reinforced persistent concerns about a
possible slowdown in the global economy.
China's February exports disappointed analysts'
expectations, falling 25.4% from a year earlier, while imports fell by 13.8%.
The pan-European FTSEurofirst 300
index fell 1 percent while the MSCI All-Country World index weakened 0.3
percent.
Japan's safe-haven yen notched up
gains while the low-yielding euro moved up against the dollar on Tuesday as
appetite for riskier assets and currencies waned following the weak Chinese
data.
The soft Chinese exports figures
also impacted oil and metals prices.
The MSCI Emerging Market index
fell 0.7 percent while U.S. stock index futures also declined.
Across Bursa Malaysia, 2.01 billion shares worth RM2.07 billion
were traded. Decliners overtook gainers at 568 against 286.
The top gainer was Carlsberg Brewery Malaysia Bhd while the top
decliner was British American Tobacco (M) Bhd.
The most-active counters included Chin Hin Group Bhd and AirAsia
X Bhd.
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