KUALA LUMPUR, Aug 19 (Bernama) -- Bursa Malaysia ended lower on Wednesday, as elevated United States (US) Treasury yields and weakness in technology stocks weighed on investor sentiment, an analyst said. However, gains in healthcare and telecommunications stocks provided some support to the broader local market. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.04 points, or 0.12 per cent, to 1,731.32 compared with Tuesday’s close of 1,733.36. The benchmark index opened 1.39 points weaker at 1,731.97, and fluctuated between 1,725.95 and 1,733.44 throughout the day. On the broader market, losers outpaced gainers 701 to 478, while 563 counters were unchanged, 1,131 untraded and 16 suspended. Turnover shrank to 3.31 billion units valued at RM2.92 billion from 3.74 billion units valued at RM2.91 billion on Tuesday.
KUALA LUMPUR (Oct 27): The FBM KLCI gained 9.33 points or 0.5% on index-linked Tenaga Nasional Bhd's share price rise and as investors reacted positively to Prime Minister Datuk Seri Najib Tun Razak's Budget 2018 speech.
At 5pm, the KLCI closed at 1,746.13 points, after rising to its intraday high at 1,751.50 points. Bursa Malaysia top gainer Tenaga added 62 sen to close at RM14.96, on the state-controlled utility's latest dividend and after the company announced a new dividend policy.
Across Bursa Malaysia, 2.76 billion shares, worth RM2.66 billion were traded. There were 476 gainers versus 310 decliners.
Yesterday, Tenaga proposed a dividend of 44 sen a share for its fourth quarter ended Aug 31, 2017 (4QFY17). The quarterly dividend brings full-year dividends to 61 sen.
Tenaga also said "with effect from the financial year ended 31 August 2017, TNB (Tenaga) will adopt a new dividend policy for the company. TNB intends to distribute dividends based on 30% to 60% dividend payout ratio, based on the reported consolidated net profit attributable to shareholders after minority interest, excluding extraordinary, non-recurring items."
Today, analysts said Najib's Budget 2018 speech, which began at 3:30pm, augured well for the stock market.
“The oversold KLCI, coupled with the optimistic budget speech by PM Najib, boosted the key index to close higher,” Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com.
Source: The Edge
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