KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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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