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 10): Bargain hunting helped the FBM KLCI close in positive territory for the second day running today, after hitting an 18-month low.
The key index rose 14.5 points or 0.87% to 1,687.13, adding to yesterday’s 8.77-point recovery from the 18-month low of 1,663.86 last Friday.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the positive market sentiment was also due to the strengthening of the ringgit against the US dollar, and gains on Wall Street and regional markets.
“The KLCI extended its gains today, and we believe this positive sentiment is underpinned by bargain hunting activities, as well as the stronger ringgit against the US dollar.
“The index performance is also in line with the generally positive [performance] in the Asian stock markets and the US stock markets overnight,” Leong told theedgemarkets.com.
At press time, the ringgit was trading at 4.0195 to the US dollar, up 0.75% compared with 4.0498 a week ago.
Reuters reported most Southeast Asian stock markets climbed today, with Singapore and Indonesia extending their rally, as U.S. stocks gained overnight on hopes of strong corporate earnings, boosting positive sentiment across Asia.
“Asian shares outside Japan climbed for a third straight session, as bank shares boosted Wall Street on Monday, although trade tensions between the United States and China continued to linger,” Reuters said.
Japan’s Nikkei 225 index was up 0.66% to 22,196.89 and South Korea’s Kospi index rose 0.37% to 2,294.16. Hong Kong’s Hang Seng index however ended in the red, down 0.02% to 28,682.25.
The local bourse saw 1.99 billion shares traded for a total value of RM2.23 billion.
Gainers outnumbered losers by 414 to 319, while 484 counters were unchanged.
Among market movers were Telekom Malaysia Bhd which rose 3% to RM3.45, Maxis Bhd (up 2.5% to RM5.40), MISC Bhd ( up 2.5% to RM6.06), Sime Darby Bhd (up 2.6% to RM2.40) and IOI Corp Bhd (up 2% to RM4.55).
Top Glove Corp Bhd was the day’s top gainer. It rose 8.4% to RM9.90 in active trading, with 49.4 million shares exchanging hands. Other actively-traded counters include Sapura Energy Bhd and Barakah Offshore Petroleum Bhd.
Counters in the red today include Dialog Group Bhd (down 1.3% to RM3.11) and Hong Leong Industries Bhd (down 3.1% to RM11.10).
Source: The Edge
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