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 (April 26): The FBM KLCI rose 3.12 points or 0.2% as Asian shares tracked overnight US equity gains. US shares rose on positive corporate results there.
In Malaysia, the KLCI closed at 1,768.92 points at 5pm. Across Asia, Japan's Nikkei 225 rose 1.1% while Hong Kong’s Hang Seng gained 0.5%.
In the US, Reuters reported that the Dow Jones Industrial Average rose 232.23 points, or 1.12 percent, to 20,996.12, the S&P 500 gained 14.46 points, or 0.61 percent, to 2,388.61 and the Nasdaq Composite added 41.67 points, or 0.7 percent, to 6,025.49.
It was reported that the Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America.
In Malaysia, Mercury Securities Sdn Bhd research head Edmund Tham told theedgemarkets.com that today’s equity gains factored in the strengthening ringgit and spill-over effects from the Nasdaq.
The ringgit strengthened to 4.3485 against the US dollar at 5.48pm. The exchange rate so far today was between 4.3472 and 4.3685.
The ringgit appreciated as the US dollar weakened on Emmanuel Macron's win against anti-euro nationalist Marine Le Pen during the first round of France's presidential elections. Macron's win has reduced economic and market uncertainty, hence, less haven demand for the US dollar.
Tham said : “Other factors to look out for this week include the progress on Trump’s tax reform, as well as central bank meetings in Japan and Europe."
Across Bursa Malaysia, there were 506 gainers against 410 decliners. A total of 3.55 billion shares worth RM3.13 billion were traded.
Hong Leong Financial Group Bhd was the top gainer after rising 32 sen to close at RM16.52.
Source: The Edge
Comments
Post a Comment