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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Market Daily Report: KLCI rises in 11th hour on Genting; IWCity hits limit up




KUALA LUMPUR (May 15): The FBM KLCI rose 2.78 points or 0.2% in the final trading minutes on late buying of Genting Bhd shares and as investors evaluated the impact of higher crude oil prices on the stock market.

At 5pm, the KLCI closed at 1,778.65 points after falling to its intraday low at 1,771.87 points.

KLCI-linked Genting Bhd shares rose seven sen to RM9.96 after 52.84%-owned subsidiary Genting Singapore PLC said net profit rose significantly to S$181.1 million (RM560.58 million) in the first quarter ended March 31, 2017 from S$10.84 million a year earlier.

“The KLCI erased losses when it is nearing the end of the trading hours. The market may consolidate depending on the corporate earnings announcement moving forward,” Areca Capital Sdn Bhd chief executive Danny Wong told theedgemarkets.com.

Bursa Malaysia saw 3.74 billion shares worth RM3 billion change hands. Decliners outpaced gainers at 508 versus 421.

Iskandar Waterfront City Bhd (IWCity) was the most-actively traded counter with 201.73 million shares traded after the stock hit limit up on bargain hunting.

IWCity rose 49 sen or 30% to close at its intraday high at RM2.13
to become the third-largest gainer. The stock had in recent days fallen after Malaysian Government-owned TRX City Sdn Bhd said its planned sale of a 60% stake in Bandar Malaysia Sdn Bhd to IWH CREC Sdn Bhd  was "null and void with immediate effect."

Today, Malaysian shares could have also risen on higher crude oil prices, which led to gains in stocks including KLCI-linked Petronas Dagangan Bhd and Petronas Chemicals Group Bhd.

Reuters reported that oil prices jumped two percent on Monday after the energy ministers of the world's two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018.


Brent crude was at US$51.88 per barrel at 0655 GMT, up US$1.04, or 2.1 percent, from its last close at a level last seen in early May.


Source: The Edge
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