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 8): The FBM KLCI rose 3.74 points or 0.2% as gains in big capitalisation stocks like Malayan Banking Bhd (Maybank) supported the local share market.
At 5pm, the KLCI closed at 1,781.65 points. Maybank shares added 10 sen to RM9.80 to become Bursa Malaysia's sixth-largest gainer and 10th most-active stock.
“(On the KLCI) institutional investors are still buying in, despite the much lower volume this week. The fundamentals are still strong, investors are just avoiding overvalued counters at the moment,” an analyst told theedgemarkets.com.
The analyst said investors might be switching to safe havens from small and mid-capitalisation companies, as investors digested the news on 1Malaysia Development Bhd's financials.
Across Bursa Malaysia, 2.09 billion shares valued at RM2.26 billion changed hands. Decliners outpaced gainers at 541 against 280 respectively.
The KLCI erased losses after falling on news China's July export and import growth were below market forecast. Reuters reported that China's July exports rose 7.2 percent from a year earlier, while imports grew 11 percent, both well below analysts' forecasts, official data showed on Tuesday.
Analysts polled by Reuters had expected July shipments from the world's largest exporter to have risen 10.9 percent, easing slightly from 11.3 percent growth in June. Imports had been expected to have climbed 16.6 percent, after rising 17.2 percent in June.
Source: The Edge
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