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 (March 21): The FBM KLCI rose 5.26 points or 0.3% on late buying of index-linked plantation entities Kuala Lumpur Kepong Bhd (KLK) and IOI Corp Bhd shares. The KLCI had also tracked Asian share gains.
At 5pm, the KLCI closed at 1,754.67 points after falling to its intraday low at 1,748.82 point during its final trading minutes. KLK shares added two sen to RM24.82 while IOI Corp rose two sen to RM4.70.
KLK and IOI Corp shares had earlier fallen with lower crude palm oil prices as a stronger ringgit versus the US dollar made the commodity more expensive for foreign buyers. At 5.37pm, the exchange rate was at 4.4255.
Reuters reported that benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 0.3 percent at RM2,772 (US$626.16) a tonne at the midday break. Palm also tracks the movement of other related vegetable oils as they compete for a share in the global edible oils market.
In Malaysia, analysts told theedgemarkets.com the stock market had gained on foreign buying. “The trading volume is still high today, though it is lower compared with yesterday’s trading volume of about six billion shares. I think the trading is also supported by positive sentiment on news that foreign investors are buying,” Mercury Securities Sdn Bhd research head Edmund Tham said.
"If investors are banking on election play, they should focus on government-linked counters as well as construction counters," Tham said.
Across Bursa Malaysia, 4.58 billion shares worth RM3.29 billion were traded. Gainers beat decliners by 496 versus 477 respectively. Yesterday, the trading volume was 6.02 billion shares.
Today, Malaysian shares had also tracked Asian equity gains. Hong Kong’s Hang Seng rose 0.37% while South Korea’s Kospi was 0.99% higher.
Reuters reported that Asian shares hit 21-month highs on Tuesday while the dollar and US bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory.
Source: The Edge
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