KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
KUALA LUMPUR (June 27): Malaysian stocks extended their loss for the third consecutive day, dragged by telecommunication stocks and in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region.
The key FBM KLCI finished 9.78 points or 0.58% lower at 1,666.08 points today.
The benchmark index was also dragged lower by a decline in blue-chip stock Malayan Banking Bhd, whose market value dropped below the RM100 billion mark to RM96.08 billion at closing bell. The counter closed at RM8.68, down 32 sen or 3.56%.
According to Hong Leong Investment Bank Research analyst Loui Low Ley Yee, the imminent downward pricing of broadband packages that could intensify competition among telco players remained a concern for investors.
Shares in Telekom Malaysia Bhd (down 1.63% to RM3.01), Maxis Bhd (down 3.47% to RM5.29), Axiata Bhd (down 0.98% to RM4.05) and DiGi.Com Bhd (down 1.93% to RM4.07) closed lower today.
"While we do not yet know the full amount implicated in the US-China trade war, a slowdown in production may affect intermediary supply chains such as Malaysia," Low told theedgemarkets.com.
The market traded in a range of 1,666.08 to 1,681.44 throughout the day. Trading volume increased to 2.01 billion shares worth RM1.99 billion compared with yesterday's 1.88 billion shares worth RM1.93 billion.
Across Bursa Malaysia, decliners led gainers by 558 counters against 278.
Regionally, Japan's Nikkei closed down 0.3%, South Korea's Kospi was down 0.38%, Hong Kong's Hang Seng fell 1.8% and Singapore shares closed 0.8% lower.
Source: The Edge
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