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 26): The FBM KLCI finished 2.45 points or 0.14% higher, helped by the 11th-hour share price spike in index-linked stocks like Tenaga Nasional Bhd and Malayan Banking Bhd (Maybank).
At 5pm, the KLCI closed at 1,766.23 points after falling to its intraday low at 1,762.15 points. At 5pm, Tenaga shares rose 22 sen to close at RM15.10 while Maybank added nine sen to RM9.90.
The KLCI's higher close bucked the downtrend in Asian stock markets. The spotlight was on China shares' drop as the Shanghai Composite index fell 0.74% while Hong Kong's Hang Seng was 0.48% lower.
Reuters reported that China stocks ended lower on Thursday as months of see-sawing US-Sino trade friction stoked uncertainties over the country's economic growth, prompting investors to take a cautious stance.
It was reported that China's state planner vowed on Wednesday to prevent extensive job losses across the economy and keep unemployment below existing thresholds as trade friction with the United States created uncertainty in the labour market.
"The escalating Sino-US trade frictions have brought uncertainties to our country's economic development and especially to employment stability," Ha Zengyou, a senior official from the state planner told reporters.
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew claimed: “The indication is that the move by [US President Donald] Trump to renegotiate some of the deals with Europe is his strategy to isolate China.
“From the perspective of industrial linkages, we are more linked to China, so the impact is more negative for us [Asian countries] if China is being isolated.”
Across Bursa Malaysia, 3.03 billion shares worth RM2.73 billion were traded.
Top-active stocks included Sapura Energy Bhd and Lay Hong Bhd while leading gainers included Panasonic Manufacturing Malaysia Bhd and Tenaga Nasional Bhd.
Source: The Edge
Comments
Post a Comment