KUALA LUMPUR, April 21 (Bernama) -- Bursa Malaysia’s benchmark index closed flat to settle at slightly below the 1,500-mark on Monday as investors balanced persistent global uncertainties with signs of underlying domestic resilience, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.07 of-a-point to 1,499.47 compared to Friday’s close of 1,499.40. The benchmark index opened 2.68 points higher at an intraday high of 1,502.08 and hit an intraday low of 1,494.27 during the early afternoon session. In the broader market, decliners outpaced gainers 512 to 308, while 463 counters were unchanged, 1,142 untraded, and 39 others suspended. Turnover dwindled to 1.53 billion units valued at RM1.19 billion against Friday’s 1.69 billion units valued at RM1.24 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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