KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
KUALA LUMPUR (Jan 9): The FBM KLCI closed 5.2 points or 0.3% lower due to profit taking after gaining for four consecutive trading days.
At 5pm today, the KLCI closed at 1,826.95 points. The index erased gains after rising to its intraday high at 1,840.35 points.
“It isn’t a massive sell down. I consider this to be light profit taking. I think the market will come back,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.
Over the past week, the KLCI closed higher at 1,782.70 points on Jan 2 before climbing to 1,832.15 points yesterday (Jan 8).
Today, Bursa Malaysia saw 6.48 billion shares worth RM4.41 billion traded. Notable decliners included AMMB Holdings Bhd after the stock fell 20 sen to RM4.48 to become the ninth-largest decliner.
Leading gainer was Supermax Corp Bhd after the stock rose 23 sen to RM2.31. Supermax shares rose after Affin Hwang Investment Bank Bhd upgraded its call on Supermax shares to buy from hold.
Affin Hwang analyst Ng Chi Hoong wrote in a note today Affin Hwang also raised its Supermax target price to RM3.10 from RM2.10.
Source: The Edge
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