KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (Jan 25): The FBM KLCI extended gains for the second consecutive day today, breaching the 1,700-point mark for the second time within a week, mainly underpinned by foreign funds buying key stocks and improved liquidity.
At 5pm, the benchmark index closed at its intraday high of 1,701.03 points, up 7.44 points or 0.44%. During the midday market break, the index had slipped to as low as 1,695.38 points.
According to Inter-Pacific Securities research head Pong Teng Siew, foreign buying helped prop up the local stock market, as well as the liquidity improvement in the market.
He said foreign funds started coming back to the market, since the second week of this month. “Having said that, I think KLCI is likely to continue to trend upwards, but in a cautious mode, mainly due to local investors taking a wait-to-see approach now, pending a definite picture from the US-China trade spat and also upcoming fourth-quarter earnings results,” Pong added.
Trading volume increased to 2.48 billion shares worth RM2.05 billion, compared with yesterday's 2.44 billion shares worth RM2.12 billion. Gainers led losers by 427 to 352, while 471 counters remained unchanged.
Regionally, Reuters reported Asian stocks rallied to a seven-week high on Friday, buoyed by gains in US technology firms, as pockets of strength in corporate earnings eased some of the anxiety over a slowing global economy.
At the closing bell, Japan's Nikkei 225 grew 0.97%, South Korea's Kospi rose 1.52%. In China, Hong Kong’s Hang Seng was up 1.65% and Shanghai Stock Exchange Composite rose 0.39%.
Source: The Edge
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