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 (Aug 1): The FBM KLCI increased 4.06 points or 0.23% to close at its intraday high after Malaysia Airports Holdings Bhd's last-minute share price spike helped the KLCI erase losses. Analysts said today that overnight US share gains also supported the Malaysian stock market sentiment.
At 5pm, the KLCI closed at 1,788.31 points after falling to its intraday low at 1,777.58 points. At 5pm, it ended higher after KLCI-linked Malaysia Airports shares rose 23 sen to RM9.48.
Gains in other KLCI stocks like Petronas Gas Bhd and Digi.Com Bhd also helped the KLCI finish higher as investors evaluated US shares' overnight rise. Investors are also anticipating the US' interest rate decision after the Federal Open Market Committee's two-day meeting, which ends on Aug 1.
Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that improved sentiment due to the US' equity rise helped sustain KLCI’s gain.
“The KLCI was able to retain its gain as sentiment improved following better earnings reported by US corporates led by Apple Inc, which has led to a rebound in US counters,” Lau said.
Reuters reported that Asian shares gave up ground on Wednesday, with weak data in the region and fears of an imminent escalation in the tariff war between the United States and China pulling markets lower even as strong earnings out of the US provided some support.
It was reported that conflicting signs over the state of US-China trade relations pulled markets in opposite directions. A Bloomberg report on Tuesday said that the United States and China were seeking to resume trade talks to defuse a battle over import tariffs. However, later reports that the US administration plans to propose tariffs of 25 percent instead of the initially proposed 10 percent on US$200 billion of imported Chinese goods injected uncertainty back into financial markets.
China shares ended lower. The Shanghai Stock Exchange Composite fell 1.8% while Hong Kong's Hang Seng dropped 0.85%. Reuters reported that China's stock markets fell sharply in afternoon trade to end lower Wednesday, as anticipation of more measures to curb property prices hurt developer shares, and as the Sino-US trade war looked set to escalate with the threat of higher US tariffs.
Source: The Edge
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