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 (Oct 1): The FBM KLCI closed down 0.69 point or 0.04% after volatile trade while Bursa Malaysia's energy index rose 46.79 points or 4.16% as Brent crude oil prices climbed to a four-year high at above US$80 a barrel.
At 5pm, the KLCI closed at 1,792.46 points while the energy index settled at 1,172.08 points.
"With short and medium-term momentum and trend indicators weakening after last week's decline, underscored by sell signals on both the daily and weekly slow stochastics indicators, the FBM KLCI looks to be topping out and set for further correction this week.
"Weak buying momentum and market undertone, a consequence of rising fears over worsening US-China trade tensions following the latest round of tit-for-tat import tariffs, and the rising US interest rate trend should see stocks trending lower for the immediate term," TA Securities Holdings Bhd wrote in a note today.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that while the KLCI traded in a flattish manner, the broader market continued to trade positively.
“We also see counters in the energy sector do well," Leong said.
At a glance, oil and gas-related shares rose to dominate Bursa Malaysia's most-active list while some emerged among top gainers.
Most active was Sapura Energy Bhd followed by Reach Energy Bhd and Sumatec Resources Bhd. Top gainers included Yinson Holdings Bhd and Petronas Dagangan Bhd.
Reuters reported that Brent crude oil prices rose to their highest since November 2014 on Monday ahead of US sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, that kick in next month. Benchmark Brent crude oil futures rose to as much as US$83.32 a barrel on Monday and were at US$83.09 at 0335 GMT, still 36 cents, or 0.4 percent above their last close.
Source: The Edge
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