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 (Feb 14): The FBM KLCI gained 1.91 points or 0.1% after volatile trade as investors evaluated Malaysia's latest economic growth data while anticipating US inflation numbers. At 5pm, the KLCI settled at 1,834.93.
Earlier today, Bank Negara Malaysia said Malaysia's gross domestic product (GDP) expanded 5.9% in the fourth quarter of 2017 from a year earlier, driven mainly by private sector demand with support from the external sector. In a statement, Bank Negara said 2017 full-year GDP grew 5.9% on year compared with the 4.2% expansion in 2016.
"The GDP data release only reinforced the market's perception that 2017 was a good year. However, it didn't spark any significant push in Bursa Malaysia as investors are still generally jittery ahead of the announcement of US inflation data," Public Investment Bank Bhd head of research Ching Weng Jin told theedgemarkets.com.
The US Jan 2018 inflation data is scheduled to be announced later today. Investors closely watch the US inflation data, which offers clues on the pace of US interest rate hikes.
Such sentiment was apparent across Asian markets today. Reuters reported that Asian share markets turned mixed on Wednesday as investor nerves were strained ahead of a US inflation report that could soothe, or inflame, fears of faster rate hikes globally.
It was reported that Japan's Nikkei share average dropped to a fresh four-month low in choppy trade on Wednesday as investor sentiment was sapped by worries about US inflation data. The Nikkei ended 0.4 percent lower to 21,154.17. In Hong Kong, the Hang Seng Index was up 2.27 percent at 30,515.60.
Source: The Edge
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