KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
KUALA LUMPUR (Sept 25): The FBM KLCI ended in negative territory for the fifth consecutive trading session today, on continued selling by foreign funds.
The benchmark index ended the day 1.90 points or 0.11% lower at 1769.14.
On the broader market, there were 558 decliners versus 264 advancers, while 412 counters finished unchanged. Some 2.46 billion shares, worth RM2.36 billion were traded.
“There has been unwinding of foreign funds and they have been selling for the past few days,” said Malacca Securities Sdn Bhd senior analyst Kenneth Leong.
“(The decline) is because of profit-taking as well, but only mild, in selective banking companies such as RHB Bank Bhd, Malayan Banking Bhd and AMMB Holdings Bhd,” Leong told theedgemarkets.com when contacted.
Elsewhere in Asia, Japan’s Nikkei 225 close up 0.50%, South Korea's Kospi fell 0.35%, while Hong Kong's Hang Seng decreased by 1.36%.
Reuters reported the Nikkei share average rose as a weaker yen lifted exporters, while expectations of economic stimulus measures, after an election next month supported overall sentiment.
As the end of Japan’s fiscal first half looms on Sept 30 for a majority of listed companies, the market was also underpinned by investors buying up stocks before they go ex-dividend on Wednesday.
Source: The Edge
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