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 (Aug 23): The FBM KLCI fell 1.28 points or 0.1% as index-linked AMMB Holdings Bhd and RHB Bank Bhd took centre stage in Malaysian share trades.
Financial services entities AMMB and RHB were in the spotlight after both banks called off their proposed merger. At 5pm, the KLCI closed at 1,772.94 points as investors took profit from AMMB shares' intraday gains.
At 5pm, AMMB shares fell 11 sen to close at RM4.59 after rising to its intraday high at RM4.89. RHB shares rose 19 sen to close at RM5.07 to become Bursa Malaysia's fifth-largest gainer.
Across Bursa Malaysia, two billion shares were traded for RM1.97 billion. A total of 419 counters declined compared to 384 gainers.
Among the KLCI's 30 constituents, AMMB was the top decliner while RHB was the top gainer.
"Without the merger, we are back to eight anchor banking groups with RHB ranking fourth by total assets and AMMB, sixth. We believe both banks will shift their focus back on their strategic plans which have been outlined for the year/financial year," AllianceDBS Research Sdn Bhd wrote in a note today.
Besides AMMB, the KLCI also fell on losses in other banking stocks like CIMB Group Holdings Bhd and Hong Leong Financial Group Bhd.
Areca Capital Sdn Bhd CEO Danny Wong told theedgemarkets.com that although a number of banking counters declined, the impact was not "significant enough to cause a large wave in the market".
Source: The Edge
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