KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
KUALA LUMPUR (Sept 7): The FBM KLCI jumped 10.5 points or 0.6% mainly on index-linked British American Tobacco (M) Bhd's (BAT) share price spike in the final trading minutes.
Analysts said the KLCI had also risen on Malaysia's 14th General Election's (14th GE) timing speculation. At 5pm, the KLCI closed at 1,782.98 points while Bursa Malaysia top gainer BAT added RM1.46 to RM44.60.
“It’s very much linked to the 14th GE. It was the case during the late 2012 and early 2013. It’s almost like a replay,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.
Malaysia held its 13th GE on May 5, 2013.
Today, the KLCI also rose on KLCI- and Malaysian Government-linked Tenaga Nasional's share gains. Tenaga added 16 sen to close at RM14.56.
Across Bursa Malaysia, 2.63 billion shares worth RM2.41 billion were traded. Gainers outpaced decliners at 504 against 299 respectively.
The most-active stocks included Olympia Industries Bhd and Iris Corp Bhd.
Source: The Edge
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