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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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Market Daily Report: FBM KLCI declines amid negative regional sentiment




KUALA LUMPUR (Oct 18): The FBM KLCI fell 0.15% today in tandem with the day's general negative performance across the region.

The benchmark index closed at 1,738.01, down 2.58 points from yesterday.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the decline reflected regional sentiments.

"This is mainly due to concerns on rising interest rates. We also saw the China stock market tumble, as the Chinese yuan depreciated against the dollar by about 0.2%.

"In Malaysia, there were some extended profit-taking as well," Leong told theedgemarkets.com.
Reuters reported that US Federal Reserve's minutes for its September meeting showed all policy makers agreed to raise key interest rates for a third time in 2018, knocking global sentiments.

The report added that heavy selling of Chinese shares also soured confidence in the Asian market day, leading to an extension of losses in Japanese stocks.

Japan's Nikkei 225 closed 0.8% lower at 22,658.16, after a surprise decline in exports data, a first in 22 months.

China's Shanghai Stock Exchange Composite fell 2.94% to 2,486.42.

On Bursa Malaysia, decliners led gainers by 438 to 307, with 436 counters traded unchanged.
Top gainers included Dutch Lady Milk Industries Bhd and Heineken Malaysia Bhd, while top actives included Borneo Oil Bhd and Malaysian Resources Corporation Bhd.



Source: The Edge
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