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 (Feb 7): While the FBM KLCI saw muted trading activities during the first half of the session today, the benchmark index picked up in the latter part and ended up gaining 0.58% amid light trading across the region due to the Chinese New Year holidays.
At 5pm, the benchmark index settled 9.78 points or 0.58% higher at 1,693.39 points, after declining 17.42 points or 1.02% over the past five trading days.
Hong Leong Investment Bank (HLIB) said the potential trade deal between US and China and the dovish shift in the US Federal Reserve’s monetary stance could support gains in the local index to recover to the 1,700 to 1,705 levels in the near term.
“However, we see stiff resistance near 1,713 to 1,726, as we are likely to experience a tepid February reporting season,” it said in a note.
Meanwhile, HLIB retained its target of 1,750 points for the FBM KLCI in 2019, adding that while Malaysia’s long-term reform story is appealing, the near term headwinds are strong as the country balances between growth and fiscal prudence.
Today, Bursa Malaysia saw some 1.43 billion shares traded, valued at RM1.21 billion. Gainers outnumbered decliners at 426 to 238, while 378 counters were unchanged.
Leading the gainers were blue chip counters such as Tenaga Nasional Bhd, Nestle (Malaysia) Bhd and Petronas Gas Bhd, while the decliners were led by Fraser & Neave Holdings Bhd.
In Asia Pacific, markets were mixed as South Korea’s Kospi ended flat, while Japan’s Nikkei 225 fell 0.59%. Australia’s ASX 200 gained 1.1% while New Zealand’s NZX 50 gained 0.66%.
China markets were closed for the Chinese New Year holiday celebrations.
Reuters reported that Asian share markets edged up to four-month highs on Thursday with Australian equities the star performer while the New Zealand dollar sank after disappointing jobs data prompted investors to narrow the odds of a future rate cut.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, rising to its highest since early October after ending almost unchanged on Wednesday, it said.
Source: The Edge
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