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 28): The FBM KLCI fell 15.26 points or 0.8% with Asian shares as investors responded to weaker China and Japan manufacturing data amid anticipation of speedier US interest rate hikes. At 5pm, the KLCI closed at 1,856.20.
Across Asia, Japan’s Nikkei 225 fell 1.44%. In China, Hong Kong’s Hang Seng dropped 1.36% while the Shanghai Stock Exchange Composite was 0.99% lower.
Reuters reported that China's official Purchasing Managers' Index (PMI) released on Wednesday fell to 50.3 in February, from 51.3 in January. But it remained just above the 50-point mark that separates growth from contraction on a monthly basis. In Japan, trade ministry data out on Wednesday showed factory output fell 6.6 percent in January from the previous month.
It was also reported that most emerging Asian currencies fell on Wednesday, while the dollar held firm near a three-week high after US Federal Reserve chairman Jerome Powell struck a hawkish tone in his Congressional testimony.
At Bursa Malaysia, the KLCI dropped as plantation stocks fell. Bursa Malaysia's plantation index declined 84.66 points or 1.05% to 7,991.47. Kuala Lumpur Kepong Bhd and PPB Group Bhd were among Bursa Malaysia top decliners.
Today also marks the conclusion of Malaysia's corporate financial reporting season for the October-to-December 2017 quarter. Rakuten Trade research vice president Vincent Lau said despite profit growth announced by key KLCI constituents, the broader picture failed to impress.
“It is a mixed bag, [the overall results] were not that great,” Lau told theedgemarkets.com.
Source: The Edge
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