KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
KUALA LUMPUR (Jan 3): The FBM KLCI fell 6.2 points or 0.4% as investors took profit in stocks like Axiata Group Bhd and Malayan Banking Bhd (Maybank), following 2016 year-end window-dressing gains.
At 5pm today, the KLCI closed at 1,635.53 points. Axiata dropped 20 sen to RM4.52, while Maybank fell 19 sen to RM8.01.
KLCI-linked Axiata and Maybank were Bursa Malaysia's seventh and eighth-largest decliners, respectively. Across Bursa Malaysia, 1.67 billion shares worth RM1.07 billion were exchanged.
“The KLCI is seeing a correction after last week’s window-dressing gains," Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com.
"Blue-chip counters like Maybank and Axiata were pushed at the last minute last week, so now, it’s coming back down again,” Wong said.
In currency markets today, the ringgit weakened to a fresh one-year level against a strengthening U.S. dollar at 4.4940. At 4:54pm, the exchange rate stood at 4.4938.
The ringgit is contending against a strengthening U.S. dollar, in anticipation of U.S. interest rate hikes in 2017.
In Malaysia, Wong said the exchange rate was stabilising at between 4.4800 and 4.4900.
“The ringgit seems to be stabilising at the current level. It has decoupled from crude oil prices over the past few months and when this relationship resurfaces, the ringgit will be seen as undervalued,” he said.
Source: The Edge
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