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 29): The FBM KLCI fell 2.48 points or 0.1% as Hong Leong Financial Group Bhd and Public Bank Bhd dropped among Bursa Malaysia's top decliners on foreign selling.
TA Securities Holdings Bhd senior technical analyst Stephen Soo said there seemed to be selling pressure on Malaysian blue-chip stocks on US interest rate hike and tax cut cues.
“The foreign selling (in Malaysian shares) happens because investors’ mood or sentiment is damaged by the (US) fed funds (rate) announcement, Soo told theedgemarkets.com. The US interest rate is also known as federal funds rate.
At Bursa Malaysia, the KLCI ended at 1,755.58 points at 5pm. The KLCI had earlier fallen sharply to its intraday low at 1,753 points on Hong Leong Financial and Public Bank share losses.
At 5pm, Hong Leong Financial fell 20 sen to close at RM16.60 while Public Bank dropped 14 sen to RM20.44 to become Bursa Malaysia's third and fourth largest decliners respectively.
Across Bursa Malaysia, there were 397 decliners versus 387 advancers. A total of 2.02 billion shares worth RM2.13 billion were traded.
The most active stocks included CIMB Group Holdings Bhd, which rose three sen to RM6.30 with some 23 million shares transacted. CIMB was the 10th most active stock on Bursa Malaysia.
Source: The Edge

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