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 FBM KLCI index lost 2.77 points or 0.17% on Wednesday.
The Finance Index fell 0.33% to 14330.23 points, the Properties Index dropped 0.06% to 1157.41 points and the Plantation Index down 0.48% to 7604.82 points.
The market traded within a range of 8.92 points between an intra-day high of 1662.17 and a low of 1653.25 during the session.
Top gainers were led by Nestle (M) Bhd today, while the biggest loser was British American Tobacco (M) Bhd.
M3 Technologies (Asia) Bhd, which received an unusual market activity (UMA) query from the local exchange, was the most actively-traded counter, with 94.58 million shares done.
The KLCI extended its midday losses and closed lower at 1657.85 points amid overnight mixed performance in Wall Street. Investors were taking profit following the gains in our local bourse in the past few days.
Reuters reported Southeast Asian stocks were trading cautiously on Wednesday, in line with Asian markets, with Indonesia snapping three consecutive days of gains on profit-taking, while the Philippine index and Vietnam extended gains from the previous session.
Asian peers were flat as weak Chinese export data offset a brightening energy sector outlook, alongside an expected delay in interest rate hikes by the US Federal Reserve.
China had announced its May exports fell by a more-than-expected, i.e. 4.1% from a year earlier.
Today, Japan’s Nikkei rose 0.93%, along with South Korea’s Kospi, which increased 0.77%. Hong Kong’s Hang Seng Index, however, settled 0.14% lower.
The Finance Index fell 0.33% to 14330.23 points, the Properties Index dropped 0.06% to 1157.41 points and the Plantation Index down 0.48% to 7604.82 points.
The market traded within a range of 8.92 points between an intra-day high of 1662.17 and a low of 1653.25 during the session.
Top gainers were led by Nestle (M) Bhd today, while the biggest loser was British American Tobacco (M) Bhd.
M3 Technologies (Asia) Bhd, which received an unusual market activity (UMA) query from the local exchange, was the most actively-traded counter, with 94.58 million shares done.
Reuters reported Southeast Asian stocks were trading cautiously on Wednesday, in line with Asian markets, with Indonesia snapping three consecutive days of gains on profit-taking, while the Philippine index and Vietnam extended gains from the previous session.
Asian peers were flat as weak Chinese export data offset a brightening energy sector outlook, alongside an expected delay in interest rate hikes by the US Federal Reserve.
China had announced its May exports fell by a more-than-expected, i.e. 4.1% from a year earlier.
Today, Japan’s Nikkei rose 0.93%, along with South Korea’s Kospi, which increased 0.77%. Hong Kong’s Hang Seng Index, however, settled 0.14% lower.
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