KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
KUALA LUMPUR (Nov 28): The FBM KLCI closed 5.44 points or 0.3% lower as China's move to curb shadow banking and other risky forms of financing hit Asian market sentiment. Malaysian shares also tracked crude oil losses.
At 5pm, the KLCI closed at 1,714.42 points. China's Shanghai Stock Exchange Composite erased intraday losses to end 0.34% higher.
Reuters reported that investor confidence in China has been dented by rising bond yields as Beijing stepped up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.
It was also reported that oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. Brent futures had fallen to US$63.72 a barrel by 0753 GMT, down 12 cents, or 0.2 percent, from their previous close.
In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com: “This (KLCI's drop) has been led by regional selldown. I’m worried about China. It hasn’t been a huge selldown but it’s continuing.”
Across Bursa Malaysia, 1.8 billion shares worth RM2.1 billion were traded. There were 268 gainers and 556 decliners.
Top decliners included oil and gas-related Hengyuan Refining Co Bhd.
Hengyuan shares dropped 26 sen to RM10.40 to become Bursa Malaysia's fourth-largest decliner.
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