KUALA LUMPUR, April 23 (Bernama) -- Bursa Malaysia closed higher today, lifted by selective buying in banking and telecommunications heavyweights amid improved sentiment following the extended ceasefire in West Asia. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.31 points, or 0.66 per cent, to 1,721.70 from Wednesday’s close of 1,710.39. The benchmark index opened 5.16 points higher at 1,715.55, and moved between 1,714.41 and 1,723.51 throughout the day. In the broader market, gainers outpaced losers 706 to 485, while 562 counters were unchanged, 1,018 untraded and 43 suspended. Turnover expanded to 3.48 billion units valued at RM3.10 billion from 3.19 billion units valued at RM2.69 billion on Wednesday.
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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