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 17): The FBM KLCI rose 4.19 points or 0.3% on bargain hunting, after the index's 13.66-point drop yesterday. The KLCI fell yesterday on renewed concerns on the UK's planned exit from the European Union (EU) and after China shares dropped sharply.
The UK's planned exit from the EU is popularly known as Brexit. The KLCI also dropped on news JP Morgan downgraded the Malaysian stock market to "neutral", from "overweight".
Today, the KLCI closed at 1,663.03 points. Inter-Pacific Research Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that the KLCI's decline yesterday was an opportunity for bargain hunting by institutional investors.
“The underlying sentiment is still bullish. Liquidity will improve, but I don’t think it will last past late February or March. The market is cautious,” Pong said.
Today, Bursa Malaysia saw 1.99 billion shares, worth RM1.68 billion, traded. There were 411 gainers and 366 decliners.
World markets have been taking cue from Brexit concerns. Reuters reported the pound hovered near three-month lows versus the dollar on Tuesday, and stocks were mostly weaker as investors waited for British Prime Minister Theresa May to lay out plans to exit the EU, amid fears Britain will lose access to the single market.
Safe-havens such as the yen, gold and treasuries, gained in turn.
Source: The Edge

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