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 (May 17): The FBM KLCI fell 2.5 points or 0.1% as Asian shares tracked U.S. stock futures' losses, on concerns about U.S. President Donald Trump's ability to realise the U.S.' economic growth plans.
Reuters reported the S&P 500 mini futures and the dollar tumbled on Wednesday on worries about more U.S. political turmoil, after media reports said Trump asked then-FBI Director James Comey to end a probe into Trump's former national security advisor.
The reports raised questions over whether obstruction of justice charges could be laid against Trump, weakening confidence in the U.S. president's ability to push through an aggressive stimulus programme that investors had been banking on, since his election in November.
In Malaysia today, the KLCI closed at 1,775.65 points at 5pm. Across Asia, Japan’s Nikkei 225 fell 0.53%, Hong Kong’s Hang Seng dropped 0.17%, while South Korea’s Kospi was down 0.1%.
At 5:08pm, S&P 500 mini futures fell 0.52% to 2,384.50.
In Malaysia, JF Apex Securities Bhd senior analyst Lee Cherng Wee told theedgemarkets.com that the KLCI fell in line with Asian markets, amid a lack of catalysts for Malaysian markets.
“The decline was in line with regional markets. We expect the market to remain sideways in the near-term, below the 1,785 level,” Lee told theedgemarkets.com.
Bursa Malaysia saw 3.45 billion shares, worth RM2.88 billion traded. Decliners beat gainers at 473 versus 417, respectively.
The top active stock was Priceworth International Bhd, which recorded a trading volume of 282.96 million shares.
Priceworth rose four sen to 29 sen, after the company said its wholly-owned subsidiary Sinora Sdn Bhd would immediately start logging operations within Sabah's Forest Management Unit 5 in Trus Madi, following the state's authorities' approval.
Source: The Edge
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