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 6): The FBM KLCI erased losses at the 11th hour to close 0.88 point or 0.05% higher while Bursa Malaysia small-cap stocks fell after Prime Minister Datuk Seri Najib Tun Razak announced today the Malaysian Parliament will be dissolved tomorrow.
The dissolution is to make way for the nation's 14th general election (GE14), which is expected to be held within 60 days after the Parliament's dissolution.
At 5pm today, the KLCI closed at 1,837.01 after trading between 1,826.32 and 1,839.07. Bursa Malaysia's small-cap index fell 68.07 points or 0.49% to end at 13,908.16.
“It’s in the holding mode, as the market waits for the outcome of the election," Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com. "I still think the benchmark KLCI may react strongly but only post-election, since most companies do not want to take big positions now, one way or the other,” Pong said.
Malaysian shares also took cue from the ongoing China-US trade spat, which has affected global market sentiment. Across Asia, bourses closed mixed with Japan’s Nikkei 225 and South Korea’s Kospi down 0.36% and 0.33% respectively while Hong Kong’s Hang Seng rose 1.11%.
Hong Kong markets resumed trading today after markets were closed yesterday for the Tomb Sweeping Day or Ching Ming Festival holiday.
In Malaysia today, Pong said: “The trade spat looks like it is spiralling out of hand, maybe. If it doesn’t get arrested somewhere along the line, the outcome is likely to be even more unsettling for the market as a whole."
Source: The Edge
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