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 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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