KUALA LUMPUR, Aug 18 (Bernama) -- Bursa Malaysia ended higher on Tuesday, outperforming most regional markets as investors continued to rotate towards commodity and plantation-related stocks, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.47 points, or 0.43 per cent, to 1,733.36 compared with Monday’s close of 1,725.89. The benchmark index opened 1.63 points higher at 1,727.52, and fluctuated between 1,723.60 and 1,734.53 throughout the day. On the broader market, losers outpaced gainers 762 to 438, while 576 counters were unchanged, 1,075 untraded and 16 suspended. Turnover expanded to 3.74 billion units valued at RM2.91 billion from 3.45 billion units valued at RM2.74 billion on Monday.
KUALA LUMPUR (Sept 14): The FBM KLCI rose 11.16 points or 0.62% with Asian markets as sentiment remained buoyant on the expected renewal of China-US trade talks. Morgan Stanley's move to upgrade Malaysia stocks to equal weight also supported the country's blue-chip shares.
At 5pm, the KLCI closed at 1,803.76. Asian shares made notable gains after Japan’s Nikkei 225 closed up 1.2% while South Korea’s Kospi was 1.4% higher. Elsewhere, Hong Kong's Hang Seng rose 1.01%.
Reuters reported that shares across most of Asia rose on Friday on expectations that the US and China could launch a fresh round of trade talks, and as a surprisingly sharp interest rate hike in crisis-hit Turkey supported the lira and global risk appetite.
In Malaysia, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that "Malaysia’s blue chips were also supported by an upgrade to equal weight by Morgan Stanley".
Bloomberg reported that after Morgan Stanley cut its MSCI EM index target for a third time this year, Morgan Stanley has made more ratings changes for stocks in four countries.
Malaysia was upgraded to equal weight, Turkey was downgraded to underweight, South Africa cut to equal weight and Poland raised to overweight, Bloomberg reported. “India, Chile, Hong Kong and Malaysia exhibit a good combination of low beta and high beta estimate stability vs peers,” analysts led by Steven Ye were quoted as saying in a note published Sept 13.
Soo said investors may take profit once the KLCI reaches the 1,828-point level. “This is pending external concerns,” he said, noting that investors are largely trading based on day-to-day developments on the China-US trade tension.
On Monday (Sept 17), Bursa Malaysia and its subsidiaries will be closed in lieu of Malaysia Day which falls on Sunday.
"Bursa Malaysia and its subsidiaries will resume operations on Tuesday, 18 September 2018," the bourse operator and regulator said in a statement.
Source: The Edge
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