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 30): The FBM KLCI remained fairly flat today, closing 0.45 points or 0.03% higher at 1,765.34, as the market appeared unimpressed by first quarter financial results.
“(There was) a bit of disappointment on the market's part, as the big comeback was expected in 1Q earnings did not live up to expectations,” said Pong Teng Siew, head of research at Inter Pacific Securities Sdn Bhd, although he himself did not feel let down by the results.
In particular, the small and mid-cap indexes were in the midst of a correction, Pong said, highlighting that most other regional indices were down.
A total of 2.61 billion shares worth RM2.16 billion were traded. Decliners outpaced gainers by 680 to 235 stocks with 348 other counters unchanged.
Gainers were led by Ajinomoto (M) Bhd, Petronas Gas Bhd, and KESM Industries Bhd. Meanwhile, the day’s top losers were Panasonic Manufacturing Malaysia Bhd, Fraser & Neave Holdings Bhd and Genting Malaysia Bhd.
Hibiscus Petroleum Bhd, Luster Industries Bhd, and AirAsia X Bhd were the top three most active counters of the day.
Reuters reported that concerns over Greece’s inability to fulfil debt repayments due in July weighed on both the European and Asian stock markets, with European markets experiencing a soft start.
Japan’s Nikkei, meanwhile, was flat on a stronger yen and South Korea’s KOSPI fell 0.4% on profit taking after the market rallied this month.
Source: The Edge
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