KUALA LUMPUR, Aug 18 (Bernama) -- Bursa Malaysia ended higher on Tuesday, outperforming most regional markets as investors continued to rotate towards commodity and plantation-related stocks, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.47 points, or 0.43 per cent, to 1,733.36 compared with Monday’s close of 1,725.89. The benchmark index opened 1.63 points higher at 1,727.52, and fluctuated between 1,723.60 and 1,734.53 throughout the day. On the broader market, losers outpaced gainers 762 to 438, while 576 counters were unchanged, 1,075 untraded and 16 suspended. Turnover expanded to 3.74 billion units valued at RM2.91 billion from 3.45 billion units valued at RM2.74 billion on Monday.
KUALA LUMPUR (May 24): The FBM KLCI rose 3.84 points or 0.2% on bargain hunting and as investors bought CIMB Group Holdings Bhd shares after the financial-services provider reported a 46% rise in first quarter net profit from a year earlier.
At 5pm, the KLCI closed at 1,771.01 points after trading between 1,767.22 and 1,776.24 points today. KLCI-linked CIMB rose 14 sen to RM6.13 to become Bursa Malaysia's eighth-largest gainer.
CIMB said net profit rose to RM1.18 billion in the first quarter ended March 31, 2017 from RM813.8 million. Revenue was higher at RM4.36 billion versus RM3.73 billion.
Across Bursa Malaysia, 3.38 billion shares worth RM2.9 billion changed hands. Decliners outran gainers by 546 to 419 respectively.
Yesterday, the KLCI fell 7.78 points to 1,767.17 points after the explosion at the UK's Manchester city hit market sentiment.
Today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said: "KLCI is expected to remain range bound this week, but in the longer term, we still see some more upside. Corporate earnings have been satisfying so far, and they can be better by the next reporting season in August this year."
"Most of the economic indicators have been reflecting that Malaysia's economy is recovering, be it trade, ringgit and oil prices," Wong told theedgemarkets.com.
Malaysian shares rose as news on China's sovereign credit rating downgrade by Moody's Investors Service hit market sentiment. Reuters reported that world stocks inched lower on Wednesday after China's sovereign credit rating was downgraded and as investors eyed a pause in Wall Street's four-day winning streak, the longest in over three months.
In its first downgrade of the country in nearly 30 years, Moody's cut China's rating by one notch to A1 from Aa3, saying it expects the economy's financial strength to erode in coming years as growth slows and debt continues to rise.
Source: The Edge
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