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 17): The FBM KLCI inched up 3.55 points or 0.2% on what appears to be a technical rebound following four consecutive days of losses. Meanwhile, the ringgit strengthened against the US dollar.
At 5pm, the KLCI ended at 1,721.66 points. Yesterday (Thursday), the index fell 4.88 points to 1,718.11 points.
Today, TA Securities Holdings Bhd wrote in a note: "Persistent profit-taking on index heavyweights pressured the local bluechip benchmark lower for a fourth straight session Thursday. (Today) The cautious market undertone and bearish momentum should continue to pressure the index lower, before oversold conditions spark a technical rebound."
Despite the KLCI's rise today, analysts are still mindful of the sustainability of the index's gain. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the market is cautious as investors had taken the brunt of foreign funds' outflow from Malaysian equities.
“The market is still jittery, as foreign selling has gathered pace over the past week and today’s price action does not seem to indicate a reverse into net buying,” Pong said.
Across Bursa Malaysia, gainers outpaced decliners at 411 to 363 respectively. A total of 2.21 billion shares worth RM2.23 billion were traded.
Top gainer was KLCI-linked Genting Bhd after investors bargain hunted for the stock. Genting rose 28 sen to close at RM9.20.
In currency markets, the ringgit appreciated to its strongest level in a year today at 4.1563 against the US dollar. The exchange rate was between 4.1563 and 4.1735 today.
Over the last one year, the exchange rate was between 4.1563 and 4.5002.
Source: The Edge
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