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 14): The FBM KLCI made an eleventh hour gain to close at an
intra-day high after being in the negative zone for most of the day,
weighed down by weak crude oil prices, which impacted market sentiment.
At 5pm, the benchmark index closed at 1,688.41 points, up 0.84 points or 0.05% after slipping to a low of 1,678.82 today.
CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that apart from weak crude oil prices, investors anticipate third quarter corporate earnings to be tepid.
"It is widely expected that third quarter earnings are not going to be exciting. Also in the near term, investors are cautious that global growth is slowing down due to global trade protectionism.
At 5pm, the benchmark index closed at 1,688.41 points, up 0.84 points or 0.05% after slipping to a low of 1,678.82 today.
CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that apart from weak crude oil prices, investors anticipate third quarter corporate earnings to be tepid.
"It is widely expected that third quarter earnings are not going to be exciting. Also in the near term, investors are cautious that global growth is slowing down due to global trade protectionism.
"Technically, the KLCI movement is showing a lower low and lower high
formation, a pattern that indicates the KLCI would likely be in the
downtrend. Even if there is bargain hunting in the near term, the index
rebound will be capped because overall sentiment remains weak," he said.
Brent crude prices remained soft today, trading at around US$65 per barrel after a steep drop from US$70.12 yesterday.
Reuters reported that oil prices extended a steep slide on Wednesday on the back of worries about weakening world demand and oversupply, while global shares sagged as pressures in the energy sector heightened anxiety about a slow-down in the global economy.
Japan's Nikkei gained 0.16% today, while the Hong Kong's Hang Seng Index dropped 0.54%, and South Korea's Kospi fell 0.15%.
On Bursa Securities, total trading volume amounted to 2.21 billion shares worth RM1.92 billion. There were 314 gainers versus 564 losers, and 295 counters unchanged.
AirAsia Group Bhd was a notable gainer today, while losers included YNH Property Bhd, UMW Holdings Bhd and FGV Holdings Bhd.
Hibiscus Petroleum Bhd was the most actively traded counter, with 112.40 million shares changing hands.
Source: The Edge
Brent crude prices remained soft today, trading at around US$65 per barrel after a steep drop from US$70.12 yesterday.
Reuters reported that oil prices extended a steep slide on Wednesday on the back of worries about weakening world demand and oversupply, while global shares sagged as pressures in the energy sector heightened anxiety about a slow-down in the global economy.
Japan's Nikkei gained 0.16% today, while the Hong Kong's Hang Seng Index dropped 0.54%, and South Korea's Kospi fell 0.15%.
On Bursa Securities, total trading volume amounted to 2.21 billion shares worth RM1.92 billion. There were 314 gainers versus 564 losers, and 295 counters unchanged.
AirAsia Group Bhd was a notable gainer today, while losers included YNH Property Bhd, UMW Holdings Bhd and FGV Holdings Bhd.
Hibiscus Petroleum Bhd was the most actively traded counter, with 112.40 million shares changing hands.
Source: The Edge
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