KUALA LUMPUR, Jan 8 (Bernama) -- Bursa Malaysia’s benchmark index closed lower on Thursday amid profit-taking in big-cap stocks, as investors shifted their focus to smaller-cap counters against the backdrop of weaker regional market performance. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.26 points or 0.43 per cent to 1,669.57 from Wednesday’s close of 1,676.83. The FBM KLCI opened 2.61 points lower at 1,674.22 and moved between 1,666.34 and 1,674.44 throughout the day. On the broader market, gainers led losers by 579 to 489, while 565 counters were unchanged, 1,016 untraded, and 12 suspended. Turnover was slightly higher at 2.79 billion units worth RM2.84 billion from Wednesday’s 2.73 billion units worth RM2.76 billion.
KUALA LUMPUR (May 2): The FBM KLCI rose today on bullish sentiment, following signs the banking sector is on its way to recovery.
The benchmark index closed 10.41 points or 0.59% higher at 1,778.47.
“The latest loan growth as well as interest margin will be pointing towards stronger earnings growth this quarter for the banks,” said Areca Capital Sdn Bhd chief executive officer Danny Wong told the edgemarkets.com.
He said he hopes to see a re-rating of the banks by research houses, which would depend on the banks’ upcoming results.
Wong said the banks’ performances over the past two quarters indicated that they have bottomed, and they are expected to attract foreign investors, amid the current recovery. “The banking sector remains the main magnet for foreign investors," he said.
Bursa Malaysia saw a total of 3.88 billion shares, worth RM3.48 billion, traded today. There were 594 gainers and 411 decliners.
Reuters reported Japan's Nikkei share average rose to six-week highs today in a holiday-shortened week, getting a lift from robust earnings and gains on Wall Street.
“Wall Street climbed on Monday, boosted by gains in Apple and other big technology stocks that more than offset weak U.S. economic data, and pushed the Nasdaq Composite to another record high,” it added.
The Nikkei finished 0.7% higher at 19,445.70, its highest close since March 21. It added 1.3% for the week. Tokyo markets will be closed for three days from tomorrow for a string of holidays known as Golden Week.
Meanwhile, South Korea’s Kospi rose 0.65%, while the Hong Kong Hang Seng Index was up 0.33%.
Source: The Edge
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