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 (Nov 7): The FBM KLCI closed in the positive territory today after gaining traction in the final trading hour, before closing up 6.08 points, thanks to gains made by Malaysia Airports Holdings Bhd (MAHB).
"The index hovered mostly in positive territory today, underpinned mainly by gains by MAHB after it had recovered most of the previous session's sell down following the government's announcement of a proposed first airport REIT," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com when contacted.
MAHB rose 7.23% or 55 sen to close at RM8.16, after 5.55 million shares were done. The counter declined on Monday after the government said it intends to set up the world's first "airport real estate investment trust (REIT)" when tabling the recent Budget 2019 last Friday.
At 5pm, the FBM KLCI settled at 1,714.88 points, with 2.32 billion shares traded for a value of RM2.5 billion. Gainers led losers at 386 versus 353, with 448 unchanged.
Regionally, the index also outperformed other indexes said Leong, which had been impacted by the US midterm elections.
Reuters wrote that Japan's Nikkei ended lower in volatile trade as investors assessed the policy impact of the US polls, in which Democrats wrestled control of the House of Representatives from the Republicans.
It said Nikkei's share average fell 0.3% to 22,085.8 points, after traversing positive and negative territories.
The Shanghai Stock Exchange Composite Index similarly fell 0.68% to 2,641.34 points; the Hong Kong Hang Seng Index gained 0.1% to 26,147.69 points.
Looking ahead, Leong said market movement will be impacted by the release of corporate earnings in the coming two to three weeks.
Source: The Edge
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