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 (Oct 11): The FBM KLCI dropped 26.69 points or 1.54% today to end at 1,708.49 in tandem with Asian shares on what appeared to be a knee-jerk reaction to US stocks' overnight tumble.
At Bursa Malaysia today, the five KLCI stocks leading the fall of the KLCI, in percentage terms, were Genting Malaysia Bhd, IHH Healthcare Bhd, Digi.Com Bhd, CIMB Group Holdings Bhd and Petronas Gas Bhd.
Across Bursa Malaysia, 3.1 billion shares worth RM3.7 billion were traded. Top decliners included United Plantations Bhd, Nestlé (M) Bhd and Petronas Gas.
Top gainers included Gamuda Bhd, Top Glove Corp Bhd, and Axiata Group Bhd.
Across Asia, Reuters reported that share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields. MSCI's broadest index of Asia-Pacific shares outside Japan was off 3.8 percent around 0500 GMT, and earlier touched its lowest level since March 2017.
It was reported that US stocks tumbled overnight on Wednesday, with the S&P 500 and the Dow Jones Industrial Average marking their biggest daily declines since Feb 8, and technology stocks were at the center of the carnage as rising US Treasury yields sent investors fleeing from risky assets. US long-dated Treasury yields rose again in extension of a trend over the last few weeks fuelled by solid US economic data that reinforced expectations of multiple interest rate hikes over the next 12 months.
In Malaysia today, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com: “Today it (the drop in KLCI) is more of the Wall Street thing. The Wall Street valuation is very high and there are some concerns on the trade war and interest rate but I think that’s the excuse they needed for the Dow Jones to correct and consolidate a bit."
Across Asia today, Japan's Nikkei 225 fell 3.89% while South Korea's Kospi lost 4.44%. In China, Hong Kong’s Hang Seng dropped 3.54% while the Shanghai Stock Exchange Composite declined 5.22%
Overnight in the US, the Dow Jones Industrial Average dropped 3.15%, S&P 500 declined 3.29% while the Nasdaq Composite fell 4.08%.
Source: The Edge
Comments
Post a Comment