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 19): The FBM KLCI today closed 13.82 points or 0.82% higher on what appeared to foreign investor demand for Malaysian stocks.
At 5pm, the KLCI closed at 1,706.56 after rising to its intraday high of 1,710.14. The KLCI closed today above the 1,700-point level for the first time in about three weeks since Jan 25 when the index ended at 1,701.03.
Today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com the uptrend in the KLCI was likely due to foreign buying.
“I suppose that this is actually some kind of evidence that the foreign (fund) inflow is continuing and they are buying in now," said Wong.
Petronas Chemicals Group Bhd topped gainers among the 30 KLCI component stocks followed by Top Glove Corp Bhd.
Petronas Chemicals closed 33 sen or 3.85% higher at RM8.90 while Top Glove rose 15 sen or 3.01% to RM5.14.
Across Asia, Reuters reported that Asian shares hovered near four-month highs on Tuesday as investors took heart from some progress in Sino-US trade talks, while the yen slipped as the Japanese central bank said it won't rule out further policy easing.
It was reported that trade talks dominated headlines with a new round of negotiations between the United States and China expected in Washington on Tuesday, and follow-up sessions at a higher level later in the week. Reports of progress in the talks have rekindled hopes among investors that the two countries can reach a compromise in their trade war by a March 1 deadline, although few details from the talks have emerged.
Source: The Edge
Petronas Chemicals closed 33 sen or 3.85% higher at RM8.90 while Top Glove rose 15 sen or 3.01% to RM5.14.
Across Asia, Reuters reported that Asian shares hovered near four-month highs on Tuesday as investors took heart from some progress in Sino-US trade talks, while the yen slipped as the Japanese central bank said it won't rule out further policy easing.
It was reported that trade talks dominated headlines with a new round of negotiations between the United States and China expected in Washington on Tuesday, and follow-up sessions at a higher level later in the week. Reports of progress in the talks have rekindled hopes among investors that the two countries can reach a compromise in their trade war by a March 1 deadline, although few details from the talks have emerged.
Source: The Edge
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