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 6): The FBM KLCI closed up 1.2 points or 0.07% today while small market capitalisation (small cap) stocks rose by a larger quantum amid a rotational play from big cap equities to smaller entities across Bursa Malaysia.
At 5pm, the KLCI closed higher at 1,686.82 on bargain hunting while Bursa Malaysia's small cap index rose 158.29 points or 1.24% to 12,884.98. The KLCI saw bargain hunting after losses in recent days on China's economic growth forecast revision and as investors sold Malaysian shares after analysts said corporate earnings for 2018's fourth quarter were weak and disappointing.
Today, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com: “There is some rotational play going on mainly on the small cap companies for sectors such as oil and gas.”
Such sentiment helped Bursa Malaysia register a larger share trade volume and value today compared with a day earlier. Today, share trade volume rose to 3.16 billion units worth RM2.53 billion from yesterday's 2.57 billion shares valued at RM2.11 billion.
Today, the most active stocks included MY E.G. Services Bhd (MYEG) and Sapura Energy Bhd with share trade volumes at some 264 million and 202 million respectively. MYEG closed up 18 sen at RM1.19 while Sapura Energy rose 0.5 sen to 32 sen.
Globally, China markets were closely watched after shares there closed higher amid hopes the country will pursue more stimulus this year to support the cooling economy as investors evaluated China-US trade talks.
The Shanghai Stock Exchange Composite closed 1.57% higher while Hong Kong's Hang Seng finished up 0.26%. Elsewhere across Asia, Japan's Nikkei 225 shed 0.6% while South Korea's Kospi fell 0.17%.
Reuters reported that Asian stocks held their ground on Wednesday as Chinese equities rallied on stimulus hopes, although a resurgence in regional tensions capped broader gains with North Korea opting to restore part of a missile test site it had started dismantling earlier.
Source: The Edge
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