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 (June 7): The FBM KLCI fell slightly today as investor sentiment was affected by foreign institutional funds becoming more risk averse, amid the Middle East political rift and ahead of events like the UK general election, European Central Bank policy meeting and former FBI director James Comey's Senate testimony.
The benchmark index settled at the day’s low of 1,785.92, down 5.09 points or 0.28% from yesterday. Its intra-day high was 1,792.65.
Mercury Securities Sdn Bhd head of research Edmund Tham said there was some profit taking in the market, as some investors do not see substantial upside to their investment.
“Investors are waiting for more clarity from these events, especially the foreign funds, they are more sensitive to global news development,” he told theedgemarkets.com.
“So when there is uncertainty, the KLCI would be capped and some local investors will be affected by this kind of sentiment and start taking profit,” he said.
Reuters reported other Southeast Asian stock markets were up today, as investors priced in chances of a victory for the ruling party in the UK election and a rate increase by the U.S. Federal Reserve next week.
Elsewhere, Japan’s Nikkei inched up 0.02%, while Hong Kong Hang Seng index declined 0.09%, and South Korea’s Kospi fell 0.36%.
Over at Bursa Malaysia, total volume stood at 2.36 billion shares, worth some RM2.36 billion. There were 395 gainers versus 459 losers, while 390 counters remained unchanged.
Top gainers included Nestle (M) Bhd, while the biggest loser was Bursa Malaysia Bhd. Frontken Corp Bhd was the most actively-traded counter, with 151.75 million shares exchanging hands.
The ringgit strengthened against the U.S. dollar, trading at 4.2645 at the time of writing.
Source: The Edge
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