KUALA LUMPUR, Sept 7 (Bernama) -- Bursa Malaysia traded higher on Monday, supported by renewed buying interest in selected banking and telecommunications heavyweights, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.69 points, or 0.39 per cent, to 1,714.79, compared with Friday’s close of 1,708.10. The benchmark index opened 1.60 points higher at 1,709.70 and fluctuated between 1,708.26 and 1,715.29 throughout the trading session. The broader market, however, was negative with losers outpacing gainers 611 to 488, while 580 counters were unchanged, 1,109 untraded and 25 suspended. Turnover declined to 3.60 billion units valued at RM2.45 billion from 4.33 billion units valued at RM2.98 billion on Friday.
KUALA LUMPUR (Nov 2): The FBM KLCI gained 6.95 points or 0.41% to close at 1,713.87 after Asian shares ended higher and as Malaysia unveiled its Budget 2019.
Asian equities rose on news the US is taking steps to resolve a damaging trade war with China.
Reuters reported that Asian shares rocketed to three-week highs on Friday while the dollar softened on a report that US President Donald Trump is taking steps to resolve a damaging trade war with China that has cast a pall over the global economy and financial markets recently.
It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan jumped 2.7 percent to hit its highest level since Oct 10. It is up 6.4 percent on the week, on course to mark its best weekly performance in three years.
Among Asian stock indices today, Japan’s Nikkei 225 gained 2.56%, Hong Kong’s Hang Seng gained 4.21% while South Korea’s Kospi rose 3.53%.
In Malaysia, JF Apex Securities Bhd said the positive performance in global markets including US stocks' overnight rise, had supported gains in the Malaysian market today. “With the overnight bullish performance in the US and Europe, the KLCI is expected to resume its rebound with resistance at 1,750 points,” JF Apex said in a note earlier today.
Across Bursa Malaysia today, 3.16 billion shares were traded for RM2.53 billion. Top gainer was British American Tobacco (M) Bhd while Genting Bhd led decliners.
Genting shares closed down 20 sen at RM7.20 after Finance Minister Lim Guan Eng said during Malaysia's Budget 2019 tabling today that the country will raise the annual casino licence fee from RM120 million to RM150 million. Lim also said casino tax will be increased to 35% of gross income.
Source: The Edge
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