KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
KUALA LUMPUR (Feb 10): The FBM KLCI rose 10.44 points or 0.62% to 1698.94 today, boosted by strong overnight gains on Wall Street and China’s positive January trade figures.
The broader market was also higher with 542 gainers as against 338 losers. Total turnover was 2.69 billion shares, valued at RM2.42 billion.
Top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd. The leading losers included United Plantations Bhd, Petronas Gas Bhd and Far East Holdings Bhd.
“We are looking at good figures on the FBM KLCI today,” said TA Securities Holdings Bhd senior technical analyst Stephen Soo.
“Wall Street’s performance, which was triggered by (U.S. President Donald) Trump’s announcement of plans to lower taxes on American businesses, was definitely a catalyst of this uptrend,” Soo told theedgemarkets.com over the phone.
He said China’s trade data was another factor for the bullish market sentiment. According to the data, the country’s imports from the U.S. climbed 23.4% in January (the best record ever posted in a year), whereas exports — led by electronics — rose 7.9%, after 2016 shipments dipped almost 8%.
“It can be well said that the FBM KLCI’s performance today is driven by external and globally-led rallies. Investors are beginning to break out of the ‘psychological resistance’,” said Soo.
Reuters reported Asian shares reached an 18-month peak, on the back of better investor confidence, following Chinese trade data and gains on the Wall Street.
Japan’s Nikkei 225 inched up 2.49%, Hong Kong’s Hang Seng Index rose 0.21%, and South Korea’s Composite Stock Price Index dipped 0.45%.
Source: The Edge
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