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 13): The FBM KCLI closed 4.79 points or 0.27% lower today, as regional exchanges turned in a mixed performance.
The benchmark index had opened at 1,743.14 points and climbed to its intra-day high of 1,746.72 points in morning trade, before ending the day at its intra-day low of 1,737.49 points.
At closing bell, Bursa Malaysia decliners led gainers at 594 against 319 respectively. A total of 2.89 billion shares worth RM2.24 billion exchanged hands.
Top decliners were Petronas Gas Bhd, KESM Industries Bhd, and PMB Technology Bhd while top gainers for the day were Petronas Dagangan Bhd, Hengyuan Refining Company Bhd and Vitrox Corp Bhd.
Analysts said there is a general air of uncertainty across Bursa Malaysia amid broader regional market weakness.
“The Asian markets are quite mixed for various reasons. Several exchanges are quite volatile, such as in Australia and South Korea. It's the same in Europe and the US. Based on this sentiment we can expect spillover effects here in Malaysia,” AmInvestment Bank Bhd analyst Lim Sae Wai told theedgemarkets.
Lim opined that the Japanese stock market went overboard recently, thus justifying its correction, while Australia shares are currently weighed down by political uncertainties amid the dual citizenship fiasco in its Parliament.
The Nikkei 225 closed at its lowest since Oct 31 at 22,380.99 points, down 1.32% or 300.43 points. Across the Korean Strait, the Kospi slid 0.5% or 12.6 points to end at 2,530.35 points due to losses in manufacturing names.
Source: The Edge
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