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 (July 16): The FBM KLCI erased losses for a 4.74-point or 0.28% rise after Petronas Chemicals Group Bhd and Petronas Gas Bhd share prices spiked in the final trading minutes.
At 5pm, the KLCI closed at its intraday high at 1,726.67 points after falling to its intraday low at 1,717.17 points. The KLCI had earlier fallen after China said today its economy grew 6.7% in the second quarter of 2018 from a year earlier.
Reuters reported that the data points to a modest slowdown in the world's second-largest economy, as the government's multi-year efforts to tackle debt risks begin to weigh on growth and a trade war with the United States threatens exports. Analysts polled by Reuters had expected gross domestic product to expand 6.7 percent in the April-June quarter, slowing only marginally from 6.8 percent growth in the previous three quarters.
In Malaysia, analysts said foreign fund selling of Malaysian shares appeared to have eased as local institutional investors supported the market.
“The local fund buying are able to keep the index (KLCI) from falling further and subsequently move the index up. At this critical juncture, I can’t say the foreign funds would not pick up the selling again as it is quite possible, so I need to reserve comment on this part," Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com.
Petronas Chemicals and Petronas Gas shares rose to close among Bursa Malaysia's top gainers. Petronas Chemicals climbed 25 sen to RM8.87 while Petronas Gas added 16 sen to RM18.36.
The most-active stock was My E.G. Services Bhd with some 121 million shares traded. The stock rose 10.5 sen to RM1.01.
Source: The Edge
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