KUALA LUMPUR, Sept 7 (Bernama) -- Bursa Malaysia traded higher on Monday, supported by renewed buying interest in selected banking and telecommunications heavyweights, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.69 points, or 0.39 per cent, to 1,714.79, compared with Friday’s close of 1,708.10. The benchmark index opened 1.60 points higher at 1,709.70 and fluctuated between 1,708.26 and 1,715.29 throughout the trading session. The broader market, however, was negative with losers outpacing gainers 611 to 488, while 580 counters were unchanged, 1,109 untraded and 25 suspended. Turnover declined to 3.60 billion units valued at RM2.45 billion from 4.33 billion units valued at RM2.98 billion on Friday.
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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