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 (Sept 13): The FBM KLCI closed up 7.35 points or 0.41% on bargain hunting and as Asian stocks rose on renewed interest in US-China trade talks.
Reuters reported that Asian shares advanced on Thursday on news the Trump administration has reached out to China for a new round of trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies. It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, a day after it hit 14-month lows.
At Bursa Malaysia, the KLCI closed at 1,792.6 after falling to its intraday low at 1,777.45. Yesterday, the KLCI fell 13.92 points.
Today, Vincent Khoo, head of research for Malaysia at UOB Kay Hian said: “I think the local market will continue to be squeezed by external sentiment." Khoo noted that the KLCI's recovery followed the direction of regional peers.
He said Malaysian markets may continue to track the movements of Mainland China and Hong Kong indices. Today, the Shanghai Stock Exchange Composite climbed 1.15% while Hong Kong's Hang Seng rose 2.54%. Elsewhere across Asia, Japan's Nikkei 225 closed up 0.96%.
Across Bursa Malaysia, 2.38 billion shares were crossed for RM2.58 billion. Top gainers included United Plantations Bhd besides KLCI-linked stocks, CIMB Group Holdings Bhd and Axiata Group Bhd.
Source: The Edge
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