KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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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