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 (April 29): The FBM KLCI closed down 0.98 point or 0.06% today after retail buying across Bursa Malaysia appeared to be dampened by the two-day securities settlement cycle (T+2 settlement cycle) debut on the local bourse. The T+2 settlement cycle replaces the T+3 scheme.
At 5pm, the KLCI closed at 1,637.4 after falling to its intraday low at 1,631.83. On Friday (April 26), Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said in a statement that “the launch of T+2 settlement cycle will bring Bursa Malaysia in line with regional and major exchanges around the world".
The statement said Friday was the last trading day for the T+3 settlement cycle.
Today, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said it was “uncharacteristic” of the KLCI to decline amid increases in most Asian markets. Pong pointed to the implementation of the T+2 scheme as a possible factor behind the KLCI's fall.
“The KLCI dipped, indicating a bit of apprehension, despite other markets doing relatively okay. This may have something to do with T+2 coming into play today, which may have dampened buying activity among the retail investors,” he told theedgemarkets.com.
Across Bursa Malaysia, 2.53 billion shares worth RM1.64 billion were traded. There were 546 decliners and 241 gainers.
Leading decliners included British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd and Lotte Chemical Titan Holding Bhd.
Malaysian shares fell despite increases in Asian markets. Reuters reported that Asian shares climbed on Monday, with markets in Europe poised to track their gains, after strong US first-quarter economic growth and data showing profits at Chinese industrial firms grew for the first time in four months.
It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 percent, rebounding from its biggest weekly drop in more than a month last week. It was reported that Japan's financial markets are closed for a long national holiday this week, but Nikkei 225 futures in Singapore was 0.9 percent higher.
Source: The Edge
Comments
Post a Comment