KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
KUALA LUMPUR (Nov 30): The FBM KLCI fell 2.52 points or 0.1% after a sharp drop in the last few minutes of trade, weighed down by Genting Bhd, Petronas Gas Bhd and Public Bank Bhd share losses.
At 5pm, the KLCI closed at 1,717.86 points. Genting declined 13 sen to RM8.80, Petronas Gas dropped 28 sen to RM15.88 while Public Bank fell 36 sen to RM19.90.
Public Bank and Petronas Gas were Bursa Malaysia's fifth and ninth largest decliners respectively.
Across Bursa Malaysia, 2.47 billion shares worth RM6.03 billion were traded. Decliners outpaced gainers at 461 to 340 respectively. Yesterday, the bourse registered a volume of 1.96 billion shares valued at RM2.8 billion.
Today, analysts said banking stocks were in the spotlight. “There may be some added concern over the (financial) results of banks,” said Kenny Yee, head of research at Rakuten Trade Sdn Bhd.
Yee said this as Malaysia's corporate financial reporting season for the July-to-September quarter concludes today. Tomorrow (Dec 1), Malaysian markets will be closed for a public holiday in conjunction with Prophet Muhammad's birthday.
Source: The Edge
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