KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (April 27): The FBM KLCI rose 11.2 points or 0.6% to close at 1,863.47 today as Malaysian stocks took cue from US equities' firm performance overnight after US government bond or Treasury yields eased below 3%.
At Bursa Malaysia today, nearly all indices closed in positive territory at 5pm. The small-cap index finished 67.66 points or 0.47% up at 14,545.46 points.
“It wasn’t a surprise. There was a nice rally of 1% in US stocks last night that gave a bit of inspiration to stocks in this region of the world," Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com today.
“This was because the impact of rising yields in the US is fading off," Pong said. CNBC reported that US government debt yield slipped on Thursday as a fresh wave of buying pressured the 10-year Treasury note rate to under 3 percent. It was reported that the yield on the benchmark 10-year Treasury note was lower at around 2.998 percent at 1:07 pm ET.
CNBC reported that markets around the globe have been keeping a close eye on the US bond market as rising Treasury yields put investors on edge. It was reported that on Tuesday, the yield on the 10-year Treasury note topped 3 percent, the first time it has done this in more than four years, and extended gains on Wednesday.
Today, Asian stocks closed firmer. Japan’s Nikkei 225 and South Korea’s Kospi were up 0.66% and 0.68% respectively.
In China the Shanghai Stock Exchange Composite finished 0.23% higher while Hong Kong’s Hang Seng gained 0.91%.
Source: The Edge
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