KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
KUALA LUMPUR (Jan 16): The FBM KLCI fell 6.34 points or 0.38% today after Asian shares took cue from the rejection of UK Prime Minister Theresa May’s Brexit deal at the UK Parliament on Tuesday.
At 5pm today, the KLCI closed at 1,673.08. Across Asia, Japan’s Nikkei 225 fell 0.55% while South Korea and Hong Kong stock indices erased losses to end higher. South Korea’s Kospi closed up 0.43% while Hong Kong’s Hang Seng rose 0.27%.
In Malaysia, MIDF Amanah Investment Bank Bhd head of research Mohd Redza Abdul Rahman told theedgemarkets.com that “the rebound did not happen [in the KLCI] due to profit taking on key banking and plantation stocks.”
Across Bursa Malaysia, 2.33 billion shares valued at RM1.88 billion were traded.
Top decliners included Public Bank Bhd and Tenaga Nasional Bhd as global investors digested the latest Brexit development.
Reuters reported that global share markets and the sterling weathered a UK political storm as investors wagered that London will have no choice but to delay its Brexit deadline to avoid a disorderly exit from the European Union.
It was reported that British Opposition Labour Party leader Jeremy Corbyn called a vote of no confidence in May's Government, to be held at 1900 GMT, after her Brexit plan was soundly defeated in Parliament on Tuesday. But many investors expect May to survive, and to subsequently pursue delaying the planned March 29 departure date, even as few investors have any clarity on what that would mean in the longer run.
Source: The Edge
Reuters reported that global share markets and the sterling weathered a UK political storm as investors wagered that London will have no choice but to delay its Brexit deadline to avoid a disorderly exit from the European Union.
It was reported that British Opposition Labour Party leader Jeremy Corbyn called a vote of no confidence in May's Government, to be held at 1900 GMT, after her Brexit plan was soundly defeated in Parliament on Tuesday. But many investors expect May to survive, and to subsequently pursue delaying the planned March 29 departure date, even as few investors have any clarity on what that would mean in the longer run.
Source: The Edge
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