KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
At 5pm, the KLCI closed at 1,860.86 while Bursa Malaysia's plantation index rose 92.49 points or 1.16% to 8,083.96. The KLCI rose on bargain hunting today after the index fell 15.26 points yesterday.
Today, Affin Hwang Investment Bank Bhd analyst Nadia Aquilah told theedgemarkets.com that "the gain in plantation counters was in line with the rise in CPO futures". PPB Group Bhd and Kuala Lumpur Kepong Bhd were among Bursa Malaysia's biggest gainers.
Earlier today, Reuters reported that Malaysian palm oil futures rose to their highest in seven weeks on Thursday morning, supported by firm demand ahead of an industry conference next week. It was reported that the benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 0.3 percent at RM2,566 (US$653.26) a tonne at the midday break, in line for a fifth day of gains. It earlier rose to RM2,568, its strongest level since Jan. 11.
Elsewhere, Asian shares were mixed today as the broader market took cue from Wall Street's overnight decline as fears of faster US interest rate hikes continue to weigh on investor sentiment. In China today, it was reported that the share market recouped losses to climb by midday Thursday as consumer and banking firms rose, after a private survey indicated the country's factory growth rose to a six-month high in February.
In China, Hong Kong’s Hang Seng rose 0.65% while the Shanghai Stock Exchange Composite climbed 0.44%. Japan’s Nikkei 225 fell 1.56% while South Korea markets were closed for the Independence Movement Day holiday.
Source: The Edge
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