KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
KUALA
LUMPUR (Dec 18): The FBM KLCI declined 1.43 points or 0.1% as investors
took profit after the KLCI's substantial rise last week pushed the
index into overbought territory.
At 5pm today, the KLCI closed at 1,751.64 points. On Friday (Dec 15), the KLCI fell 13.35 points to 1,748.5 points. On Thursday, the KLCI rose 21.34 points to close at 1,759 points on banking stock gains amid fund managers' year-end window dressing.
Today, TA Securities Holdings Bhd wrote in a note: "Last week's rally spike on the FBM KLCI to a two-month high lifted daily momentum indicators into deeply overbought territory, suggesting profit taking is needed to consolidate short-term gains and neutralise excessive overbought momentum."
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that although foreign funds are coming back into the Malaysian stock market, they may not buy local shares every day.
"There are times they take profit and I don’t think there was big concerted window dressing so far,” he said.
Across Bursa Malaysia, trading volume was 2.4 billion shares worth RM2.17 billion. There were 350 gainers versus 451 decliners, Malaysian shares bucked Asian equities' rise. Japan’s Nikkei 225 gained 1.55% while Hong Kong's Hang Seng rose by 0.7%.
Reuters reported that Asian shares edged up on Monday, with sentiment boosted by expectations US lawmakers will pass a long-awaited tax Bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.
Source: The Edge
At 5pm today, the KLCI closed at 1,751.64 points. On Friday (Dec 15), the KLCI fell 13.35 points to 1,748.5 points. On Thursday, the KLCI rose 21.34 points to close at 1,759 points on banking stock gains amid fund managers' year-end window dressing.
Today, TA Securities Holdings Bhd wrote in a note: "Last week's rally spike on the FBM KLCI to a two-month high lifted daily momentum indicators into deeply overbought territory, suggesting profit taking is needed to consolidate short-term gains and neutralise excessive overbought momentum."
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that although foreign funds are coming back into the Malaysian stock market, they may not buy local shares every day.
"There are times they take profit and I don’t think there was big concerted window dressing so far,” he said.
Across Bursa Malaysia, trading volume was 2.4 billion shares worth RM2.17 billion. There were 350 gainers versus 451 decliners, Malaysian shares bucked Asian equities' rise. Japan’s Nikkei 225 gained 1.55% while Hong Kong's Hang Seng rose by 0.7%.
Reuters reported that Asian shares edged up on Monday, with sentiment boosted by expectations US lawmakers will pass a long-awaited tax Bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.
Source: The Edge
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