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 5): The FBM KLCI closed 20.19 points or 1.11% higher as fears of a global trade war eased. China-US trade spat concerns ebbed on news the US expressed willingness to negotiate a resolution with China.
Reuters reported Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world’s two biggest economies can be averted.
At Bursa Malaysia, the KLCI closed at 1,836.13. The 30-stock index rebounded today after falling 34.84 points or 1.88% yesterday.
Today, the KLCI's top gainer, in percentage terms, was Genting Malaysia Bhd followed by YTL Corp Bhd.
Genting Malaysia closed 30 sen or 6.54% higher at RM4.89 while YTL Corp rose eight sen or 6.11% to RM1.39.
Rakuten Trade Sdn Bhd vice president Vincent Lau told theedgemarkets.com that the Malaysian share market took the cue from a stronger performance across Asian shares today following US equities' overnight rise.
Across Asia today, Japan's Nikkei 225 rose 1.53% while South Korea's Kospi was up 1.22%.
Hong Kong and Mainland China markets were closed today for the Tomb Sweeping Day or Ching Ming Festival holiday. Mainland China markets will remain closed tomorrow (April 6) for the festival.
In Malaysia today, Lau said: “Overall, I think it’s still positive. But, everyone is still speculating if the (Malaysian) Parliament will be dissolved tomorrow. All eyes will be on the upcoming 14th general election.”
Source: The Edge
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