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 (May 15): The FBM KLCI dropped 2.22 points or 0.1% after investors took profit in the final trading minutes.
Investors took profit following the KLCI's rise as they evaluated Malaysia's outlook after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election.
At 5pm today, the KLCI ended at 1,848.20 points after investors sold KLCI-linked Public Bank Bhd shares at the 11th hour. Public Bank shares fell 80 sen to close at RM24 to become Bursa Malaysia's third-largest decliner. The KLCI had also declined on losses in stocks including YTL Corp Bhd and Genting Bhd.
The KLCI closed lower after rising to its intraday high at 1,860.59 points today. Yesterday, the KLCI climbed 3.91 points to 1,850.42 points.
Across Bursa Malaysia, decliners led gainers by 501 to 455 respectively. A total of 4.31 billion shares worth RM4.45 billion were traded.
Malaysian shares fell with Asian equities. Japan's Nikkei 225 fell 0.21%, South Korea's Kospi lost 0.71% while Hong Kong’s Hang Seng dropped 1.23%.
In Malaysia, Pong said there was pressure on Asian stock markets as investors anticipated a US interest rate hike. Such sentiment caused the US dollar to strengthen against global currencies. The ringgit weakened to 3.9562 against the US dollar at 5:47pm.
“Most of the regional (stock) markets were down today. Generally, markets in Asia were being pressured by expectation of the (US) rate hike, (the anticipation of which,) caused funds to flow back to US.
Source: The Edge

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