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 (Jan 22): The FBM KLCI gained 4.32 points or 0.2% after the index erased losses in tandem with Asian shares. Reuters reported that Asian shares remained resilient despite the pullback in US shares after the the US government was forced to shut down as investors saw limited economic fallout from the standoff in the US capital.
"After all, people know this is just a political show. Neither Republicans nor Democrats can afford to keep dragging their feet for long ahead of mid-term elections this year," Masashi Murata, senior currency strategist at Brown Brothers Harriman was quoted as saying in Tokyo.
At Bursa Malaysia, the KLCI closed at 1,833.15 points at 5pm after falling to its intraday low of 1,825.86 points.
Across Asia, Japan’s Nikkei 225 rose 0.03% while Hong Kong’s Hang Seng climbed 0.43% after both indices erased intraday losses.
In Malaysia, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that he believed the continuation of the stock market rally "has legs to run" until the country's 14th general election, which must be held by August 2018.
Today, Lau also noted that foreign fund flows into Malaysian shares are still strong although the level seemed to have gradually decreased in recent weeks. "Year-to-date, foreign investors are still net buyers," he said.
Across Bursa Malaysia today, trading volume was 4.62 billion shares worth RM2.87 billion. The most-active stock was Sumatec Resources Bhd which saw some 566 million shares traded. Sumatec shares rose one sen to 11.5 sen.
Source: The Edge
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