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 6): The FBM KLCI closed 4.91 points or 0.28% higher as sentiment turns positive ahead of the upcoming budget 2018 later this month, and as foreign selling subsides.
At 5pm, the benchmark index ended at 1,764, above the 1,760 level, showing a return of buying interest.
"Market has rebounded above 1,760 level as sentiment turned positive since the final week of September. Foreign selling has subsided this week as compared to the last week of September," said Loui Low, Hong Leong Investment Bank Bhd's head of retail research.
He said the positivity was also supported by expectations that the upcoming Budget 2018, which is due to be tabled in Parliament on Oct 27, will see more contracts announced for the construction sector.
The recovery of oil and gas is another factor that is supporting the positive turn of events, he said.
Low also said the fourth quarter has historically seen a positive runup for the Malaysian market over the past twenty years.
British American Tobacco (M) Bhd was the top gainer on the local exchange today, climbing 82 sen or 1.92% to close at RM43.52, while Magni-Tech Industries Bhd led the decliners list as it fell 21 sen to RM6.99.
The most active counter was Palette Multimedia Bhd, whose share price surged 7.5% to a close at a new multi-year high of 36 sen, after some 109.5 million shares changed hands.
Across the board, 2.49 billion shares worth RM1.95 billion traded, with gainers leading decliners by 488 to 349.
In Asia, Japan's Nikkei 225 gained 0.3%, while Hong Kong's Hang Seng Index grew 0.28%. Nearer to home, Singapore's Strait Times Index jumped 0.9% with Indonesia's Jakarta Composite edged up 0.06%.
Reuters reported that Japan's Nikkei share average scaled a fresh two-year peak today and posted its fourth straight weekly gain, buoyed by the impact of a weaker currency as well as record highs on Wall Street.
Source: The Edge
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