KUALA LUMPUR, Aug 6 (Bernama) -- Bursa Malaysia closed lower as investors took profits following the recent rebound, with telecommunications and industrial stocks leading the decline, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 11.02 points to 1,737.15, compared with Wednesday's close of 1,748.17. The benchmark index opened 1.48 points higher at 1,749.65, its intraday high, and hit a low of 1,733.38 in the afternoon session. On the broader market, decliners led advancers 575 to 567, while 573 counters were unchanged, 1,028 untraded and 13 suspended. Turnover slipped to 3.24 billion units valued at RM2.90 billion from 3.89 billion units valued at RM3.80 billion on Wednesday.
KUALA LUMPUR (Nov 22): The FBM KLCI rose 2.86 points or 0.2% as the
ringgit appreciated amid crude oil price gains. Malaysian shares rose with Asian equities today after US stocks closed at record highs overnight on Tuesday.
At Bursa Malaysia today, the KLCI settled at 1,723.54 points at 5pm.
In currency markets, the ringgit appreciated to 4.1110 against the US dollar at 5:30pm.
The ringgit appreciated as crude oil prices rose. Reuters reported that oil prices rose on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC-led production cut also offered support. Brent crude futures, the international benchmark for oil prices, were at US$62.97 per barrel, up 40 cents, or 0.6 percent.
In Malaysia, CIMB Investment Bank Bhd analyst Nick Foo Mun Pang told theedgemarkets.com that “market sentiment in Asia was boosted by strong global corporate earnings and economic growth".
"Locally, the KLCI was supported by stronger oil prices and ringgit's (appreciation) against US dollar. From a technical perspective, the KLCI movement indicated a reduction in selling pressure,” Foo said.
Across Bursa Malaysia, trading volume was 2.24 billion shares worth RM2.61 billion. There were 521 gainers versus 304 decliners.
Top gainers included oil and gas-related companies Hengyuan Refining Co Bhd, Petronas Dagangan Bhd and Petron Malaysia Refining & Marketing Bhd.
Across Asian share markets, Japan's Nikkkei 225 climbed 0.48% while Hong Kong's Hang Seng rose 0.62%.
Reuters reported that Asian shares joined a global rally to reach their highest in a decade on Wednesday as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped closer to a recent 2½ year top.
Source: The Edge
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