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.
KUALA LUMPUR (Nov 21): The FBM KLCI settled 0.21% or 3.48 points higher at 1,627.28 points today on bargain hunting activities after having languished in the red for three days last week.
"The FBM KLCI closed in the green in tandem with the gains in key regional indices, mainly due to bargain hunting activities," said Malacca Securities Sdn Bhd analyst Kenneth Leong.
Gainers were led by Hong Leong Financial Group Bhd and Far East Holdings Bhd.
Meanwhile, Nestle (Malaysia) Bhd, United Plantations Bhd and British American Tobacco (Malaysia) Bhd were among the top decliners.
The bourse saw a total of 1.38 billion shares worth RM1.38 billion traded throughout the day, with 365 gainers and 409 decliners.
APFT Bhd was the most active stock, with some 57 million shares done.
According to Inter-Pacific Research Sdn Bhd head of research Pong Teng Siew, the day's trading was generally listless and very narrow, with gains seen mostly in the banking group from Hong Leong Financial Group, Hong Leong Bank Bhd and Malayan Banking Bhd.
Smaller cap stocks and the ACE market also did relatively well.
According to Leong, export-related technology stocks such as Unisem (M) Bhd outperformed the broader market with gains of some 1.1% in the technology index.
According to Reuters, Asian shares traded defensively today, undermined by fears of fund outflows amid a strengthening US dollar and rising US bond yields since Donald Trump was elected as the US president.
Japan's Nikkei reportedly rose 0.8% to hit a 10½-month high, thanks to the weaker yen.
Source: The Edge
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