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Market Daily Report: Profit-Taking In Index Heavyweights Pulls Bursa Malaysia Lower

KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs).  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
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Market Daily Report: KLCI up on MISC support as crude oil rises





KUALA LUMPUR (Nov 6): The FBM KLCI rose 1.36 points or 0.1%, supported by blue-chip counters including MISC Bhd. Crude oil gains directed the spotlight on Bursa Malaysia's oil and gas-related stocks.

At 5pm, the KLCI closed at 1,742.29 points. MISC added 30 sen to RM7.41 to become Bursa Malaysia's fifth-largest gainer.

MISC shares rose after the shipping company declared a tax-free dividend of seven sen a share. MISC declared its dividend on Friday in conjunction with the announcement of its third quarter results.

Across Bursa Malaysia today, three billion shares worth RM2.08 billion were traded. Despite KLCI's gain, there were more decliners than gainers — 429 versus 401 respectively.

Top gainers included oil and gas-related companies Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that "Hengyuan and Petron have benefited from rising oil prices”.

Reuters reported that oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

Brent futures, the international benchmark for oil prices, hit US$62.44 per barrel early on Monday, their highest level since July 2015.


Source: The Edge
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