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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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Market Daily Report: FBM KLCI cuts losses ahead of Bank Negara rate decision



KUALA LUMPUR (Jan 24): The FBM KLCI pared losses to close one point or 0.1% lower today as the ringgit strengthened ahead of Bank Negara Malaysia's interest rate decision tomorrow (Jan 25). Analysts said anticipation of Malaysia's 14th general election (GE14) this year could have also dictated market sentiment.

At 5pm today, the KLCI closed at 1,837.04 points after stooping to its intraday low at 1,834.49 points. The ringgit appreciated to its strongest level against the US dollar today at 3.9118. Over the last one year, the exchange rate was between 3.9118 and 4.4618.

Tomorrow, Bank Negara's monetary policy committee (MPC) is scheduled to decide on the country's overnight policy rate (OPR). Bank Negara's MPC had during its latest meeting on Nov 9, 2017 decided to maintain the OPR at 3%.


Today, GE14 expectation could have led to cautious market sentiment. "There's a general cautious tone in the market today as investors may still be waiting for the announcement of the date for the next GE," Kenanga Investment Bank Bhd analyst Lawrence Yeo told theedgemarkets.com.

Across Bursa Malaysia, 3.36 billion shares worth RM2.43 billion were traded. The top decliner was Petronas Gas Bhd followed by Hartalega Holdings Bhd.

Petronas Gas fell 46 sen to RM17.70 with 294,900 shares traded.




Source: The Edge
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