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 (Oct 23): The FBM KLCI climbed 0.82 point on bargain hunting ahead of Malaysia's Budget 2018 announcement this Friday (Oct 27). Today, Malaysian shares rose as Japanese Prime Minister Shinzo Abe's election victory cheered global markets.
At 5pm today, the KLCI settled at 1,741.47 points. The index pared gains after reaching its intraday high at 1,744.86 points. Last Friday (Oct 20), the KLCI fell 3.34 points to close at 1,740.65 points.
Today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com: “After several declines last week, the local market is likely to see some bargain hunting activities this week, but the upside may not be significant."
Leong said the KLCI's rise was "most likely because of the feel good factor towards the upcoming Budget 2018 (as) it is the last federal budget before the next general election.”
Across Bursa Malaysia, trading volume was 2.73 billion shares worth RM1.95 billion. There were 402 gainers versus 405 decliners.
Malaysian shares rose with Japan equities afer Abe's election victory. Japan's Nikkei 225 rose 1.11% to close at 21,696.65 points, the index's highest in 21 years.
Reuters reported that Abe's convincing election victory lifted the Nikkei to its highest in 21 years and world stocks to an all-time high on Monday, despite an escalation of Spain's constitutional crisis that weighed on the country's banks.
Source: The Edge
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