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 24): The FBM KLCI climbed 9.38 points or 0.6% on a stronger ringgit against a weakening U.S. dollar, amid higher crude oil prices.
At 5pm, the KLCI closed at its intraday high at 1,680.69 points. The ringgit strengthened to 4.4353 against the U.S. dollar at 5:36pm.
Reuters reported the dollar struggled in Asia on Tuesday, as U.S. President Donald Trump's focus on protectionism ahead of fiscal stimulus, fuelled suspicions his administration might be content to gain a competitive advantage through a weaker currency.
It was reported oil prices rose on Tuesday, on evidence the global market was tightening, as lower production by the Organization of the Petroleum Exporting Countries (OPEC) and other exporters drained stocks, although an increase in drilling in the U.S. could keep a lid on prices. Benchmark Brent crude was up 40 cents at US$55.63 a barrel by 0840 GMT. U.S. light crude was 40 cents higher at to US$53.15.
In Malaysia, Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com that recent developments relating to OPEC’s oil production cut agreement, along with the impact of a weakening U.S. dollar, were largely encouraging for the local market.
Leong also noted gains in banking shares like CIMB Group Holdings Bhd. CIMB added four sen to RM4.92 to become Bursa Malaysia's fourth most-active stock.
“We can see that there is buying support in both selective and heavyweight banking index," he said.
Across Bursa Malaysia, 1.56 billion shares, worth RM2.03 billion, were traded. There were 416 gainers and 353 decliners.
Source: The Edge
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