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 (April 3): The FBM KLCI fell 7.57 points or 0.4% mainly on last-minute selling of Tenaga Nasional Bhd shares and as investors turned cautious on Malaysia's 14th general election (GE14) timing. Bursa Malaysia's technology and small cap indices dropped by a larger quantum.
At 5pm, the KLCI closed at 1,850.78 while Tenaga shares fell 34 sen to RM15.86. Bursa Malaysia's technology and small cap indices dropped 3.96% and 1.51% respectively.
Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that the weaker market sentiment is due to concerns on the timing of the Malaysian Parliament's dissolution.
“Hence, people are slightly more prudent, that’s why they are not getting exposed further into the stock market,” After the GE14, we should see more trading momentum interest from that point onwards,” Low said.
Across Bursa Malaysia today, 1.89 billion shares worth RM1.9 billion were traded. Decliners led gainers by 630 to 223.
Bursa Malaysia's technology index's 3.96% drop followed global concerns on technology companies as the China-US trade spat dictated world market sentiment.
Across Asian stock markets, Japan's Nikkei 225 dropped 0.45%, South Korea's Kospi fell 0.07% while Hong Kong’s Hang Seng erased losses to close up 0.29%.
Reuters reported that Asian shares slipped on Tuesday amid escalating trade tensions and concerns about tech firms, although regional index declines were modest compared with those of their Wall Street counterparts as investors focused on global growth prospects.
Overnight, it was reported that Wall Street shares plunged on Monday as investors fled technology stocks amid resurgent trade war worries, with key indexes trading below their 200-day moving averages and the S&P 500 closing below that pivotal technical level for the first time since Britain's vote to leave the European Union in June 2016.
Source: The Edge
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