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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Market Daily Report: FBM KLCI up on last-minute buying as US-China trade spat simmers



KUALA LUMPUR (July 27): The FBM KLCI climbed 2.91 points or 0.17% after last-minute buying of blue-chip counters like Petronas Gas Bhd and Hong Leong Bank Bhd helped the KLCI erase losses.

At 5pm, the KLCI closed at 1,769.14 points. Bursa Malaysia top gainer Petronas Gas added 46 sen to RM19 while Hong Leong Bank rose 14 sen to RM18.76.

The KLCI erased losses after falling to its intraday low at 1,760.25 points amid simmering US-China trade tension. Reuters reported that most Southeast Asian stock markets declined on Friday, as simmering US-China trade tensions kept investor risk appetite low, while Indonesia extended gains on robust corporate earnings.

It was reported that China stocks ended down on Friday, as investors were cautious amid concerns over the Sino-US trade friction. It was reported that the US signalled on Thursday it is set to push ahead on trade talks with Canada and Mexico, after agreeing to suspend hostilities over tariffs with Europe in a fragile deal that may clear the way for renewed pressure on China.

In Malaysia today, Kenanga Investment Bank Bhd head of research Chan Ken Yew told theedgemarkets.com that the KLCI's recent rise was mainly due to technical rebound. Chan said the technical rebound followed the sharp decline across emerging markets, including Malaysian stocks.

"The (Malaysian) market is still looking for another catalyst for this positive momentum to continue. Perhaps, the upcoming earnings (reporting) season in the coming month will give the market the much-needed push,” he said.


Source: The Edge
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