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 (March 12): The FBM KLCI climbed 6.65 points or 0.4% today to close at 1,671.28 on bargain hunting and as Asian stocks rose after the European Commission agreed to changes in an updated Brexit deal. Stronger oil prices spurred Malaysian oil and gas shares.
According to Kenny Yee, head of research at Rakuten Trade Sdn Bhd, the KLCI closed up on bargain hunting today after the index fell 15.27 points yesterday.
Today, Yee told theedgemarkets.com: "I think oil and gas stocks are the flavour of the day or flavour of the week due to OPEC talks." He said this as crude oil prices rose, spurred by Saudi Arabia Energy Minister Khalid al-Falih's comment that an end to OPEC-led supply cuts was unlikely before June.
Across Bursa Malaysia today, trading volume stood at 3.02 billion shares with a value of RM2.1 billion. Oil and gas counters Sapura Energy Bhd, Bumi Armada Bhd and Velesto Energy Bhd were the most-actively traded stocks. Top gainers included KLCI stocks Public Bank Bhd and Press Metal Aluminium Holdings Bhd.
Across Asian markets, Japan's Nikkei closed up 1.79%, South Korea's Kospi added 0.89% while Hong Kong's Hang Seng rose 1.46%. Reuters reported that the pound and Asian shares jumped on Tuesday after the European Commission agreed to changes in a Brexit deal before a vote in the British parliament on a divorce agreement that has unnerved financial markets over recent months.
It was reported that European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it.
Across crude oil markets, it was reported that oil prices rose on Tuesday, as OPEC's de facto leader Saudi Arabia appeared to deepen the group's supply cuts aimed at tightening markets, although gains were capped by the ongoing surge in US supply and worries over the global economy.
It was reported that US West Texas Intermediate (WTI) crude oil futures were at US$57.08 per barrel at 0746 GMT, up 29 cents or 0.5% from their last settlement while Brent crude futures were at US$66.82 per barrel, up 24 cents or 0.4%.
Source: The Edge
Comments
Post a Comment