KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
KUALA LUMPUR (Nov 25): The FBM KLCI rose 3.05 points or 0.2% on late buying of index-linked plantation shares like Kuala Lumpur Kepong Bhd (KLK) and Sime Darby Bhd as the ringgit weakened to a new one-year level against the US dollar.
Plantation shares could have taken the cue from a weaker ringgit, which bodes well for Malaysian crude palm oil (CPO) exports and prices. The ringgit depreciated to its new one-year level at 4.4690 against the US dollar today on expectation of a US interest rate hike next month.
"Plantation counters' performance is better than other sectors as CPO prices climbed to more than RM3,000 a tonne," Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com.
At 5pm, the KLCI ended at 1,627.26 points. KLK shares climbed 36 sen to RM24.10 to become Bursa Malaysia's second-largest gainer while Sime Darby rose six sen to RM8.10.
Reuters reported that Malaysian palm oil futures continued their uptrend, rising 0.73% in first-half trade on Friday, and were headed for a fifth consecutive session of gains due to a weak ringgit and declining output.
It was reported that benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were up 0.73% at RM3,026 (US$678.48) a tonne at the midday break.
At 5pm, Bursa Malaysia saw 402 decliners versus 347 advancers. A total of 1.28 billion shares valued at RM1.24 billion changed hands.
Among major decliners, OldTown Bhd shares fell 15 sen to RM1.87 after the Securities Commission excluded OldTown from the regulator's Shariah-compliant securities list.
Source: The Edge
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