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 (Sept 12): The FBM KLCI rose 7.12 points or 0.4% to its intraday high while share-trade volume across Bursa Malaysia climbed to 3.66 billion shares on foreign buying.
At 5pm, the KLCI closed at 1,789.86 points mainly on Hong Leong Financial Group Bhd's share price spike in the final trading minutes. Hong Leong Financial added 18 sen to RM17.24 to become Bursa Malaysia's eighth-largest gainer.
“The KCLI’s performance today is spurred by the positive spillover effect from the S&P 500, which closed at its record high overnight (Monday), thereby, pushing the KLCI [further] into the positive,” Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com.
Leong said there was "renewed buying interest today in the KLCI, particularly from foreign investors, resulting in fresh funds buying into the market."
Across Bursa Malaysia, 3.66 billion shares valued at RM2.26 billion were traded. Gainers outnumbered decliners at 460 and 345 respectively.
Yesterday, 2.73 billion shares worth RM2.16 billion were traded across the bourse.
Today, Petronas Gas Bhd topped Bursa Malaysia gainers while Malaysian Pacific Industries Bhd led decliners.
MQ Technology Bhd was the most-active counter. MQ shares rose 3.5 sen to 8.5 sen with some 487 million shares transacted.
SJ Securities Sdn Bhd senior remisier Goh Kay Chong said short-term traders might have bought MQ shares on expectation the company will benefit from a weaker ringgit versus the baht. At 5:18pm today, the ringgit weakened to 12.7065 against the baht.
“MQ Technology is one of the companies that is benefiting from the rise of the Thai baht. MQ earns about 25% of its turnover from Thailand,” Goh told theedgemarkets.com.
Source: The Edge
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