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 4): The FBM KLCI rose 11.94 points or 0.7% as Japan shares rose substantially on a weaker yen.
At Bursa Malaysia, the KLCI settled at 1,647.47 points on gains in stocks like Sime Darby Bhd and Petronas Chemicals Group Bhd. Bursa Malaysia saw 1.98 billion shares, worth RM1.65 billion traded.
Japan's Nikkei 225 rose 2.51% as a weaker yen led to expectation of higher earnings for exporters. Reuters reported Japan's Nikkei share average started 2017 trading on a strong note on Wednesday, as investors cheered upbeat global economic data released during Japan's holidays, and a weaker yen boosted exporters.
In Malaysia, Malacca Securities Sdn Bhd senior research executive Kenneth Leong told theedgemarkets.com that the KLCI's movement today was in line with key regional indices.
Leong said "there is still upside in the KLCI, premised on higher crude palm oil (CPO) and crude oil prices”.
Such CPO price sentiment followed the ringgit's depreciation today to a fresh one-year level against the U.S. dollar at 4.5002. At 5:27pm, the ringgit was traded at 4.4975 against the U.S. dollar.
A weaker ringgit makes Malaysian CPO more competitive in world markets, hence anticipation of higher demand for the commodity.
Source: The Edge

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