KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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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