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.
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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