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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Market Daily Report: KLCI posts last-minute gain as China proposed tax cut lifts sentiment



KUALA LUMPUR (Jan 15): The FBM KLCI closed 3.26 points or 0.19% higher after an 11th hour spike due to the sharp rise in Public Bank Bhd's share price in the final minutes of trading.

Malaysian shares also took cue from Asian equity gains in anticipation of China's stimulus, which include proposed tax cuts.

At Bursa Malaysia, the KLCI closed at 1,679.42 at 5pm. KLCI-linked Public Bank shares rose 28 sen to RM24.98.

“Our country is highly exposed to developments in China, considering it is one of our biggest trade partners among other Asian markets,” Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com. 

Bloomberg reported that shares in Hong Kong and Shanghai were among the biggest gainers after senior Chinese economic policy officials vowed tax cuts to boost growth, while lending data from the country suggested December estimates may be exceeded. Reuters reported that Asian stocks rose on Tuesday, supported by a bounce in Chinese shares amid hopes for government stimulus, while sterling braced for the vote in Parliament over the British Government's plan to exit the European Union.

In China, Hong Kong’s Hang Seng closed up 2.02% while the Shanghai Stock Exchange Composite rose 1.36%. Elsewhere, Japan’s Nikkei 225 climbed 0.96%.

At Bursa Malaysia, the KLCI closed higher after being in the red for most of the trading period today. The KLCI had earlier fallen to its intraday low at 1,672.55 after crude oil prices fell more than 2% overnight on Monday.

Across Bursa Malaysia today, Petronas Dagangan Bhd and Petronas Gas Bhd closed among top decliners. Leading gainers included Selangor Properties Bhd and Public Bank.


Source: The Edge
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