KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (Jan 5): The FBM KLCI gained 12.35 points or 0.7% with Asian shares after the U.S. Federal Reserve's latest meeting minutes indicated faster U.S. economic growth, when Donald Trump becomes president.
Trump's inauguration as U.S. President will be held this Jan 20. Trump's election win has led to anticipation of higher U.S. inflation, due to his planned expansionary fiscal policies.
At Bursa Malaysia today, the KLCI closed at its intraday high at 1,659.82 points. Bursa Malaysia saw 2.51 billion shares, worth RM1.85 billion traded.
Elsewhere, Hong Kong's Hang Seng gained 1.46%.
Reuters reported minutes from the Federal Reserve's December meeting showed almost all Fed policymakers thought the U.S. economy could grow more quickly, after Trump becomes president.
In Malaysia, JF Apex Securities Bhd senior analyst Lee Cherng Wee told theedgemarkets.com that from a technical viewpoint, the KLCI had broken away from its downtrend.
“Current resistance level would be 1,660 points. The index’s movement will depend on whether it can break this level," Lee said.
Source: The Edge
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