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 (May 14): The FBM KLCI erased 11th-hour gains today to close 1.9 points or 0.12% lower as investors evaluated the impact of the China-US trade tension on world markets.
At 5pm, the KLCI closed at 1,599.19 after rising to its intraday high at 1,603.72 during the final trading hour.
Earlier today, the KLCI fell as much as 29.06 points or 1.82% to its intraday low at 1,572.03 shortly after the 9am opening bell. At the 5pm closing figure of 1,599.19, the KLCI had rebounded 27.16 points from its intraday low.
Hartalega Holdings Bhd and Top Glove Corp Bhd share gains led the KLCI's recovery, in percentage terms, among the 30 components stocks while Sime Darby Plantation Bhd was the top decliner. Sime Darby Plantation closed down 23 sen or 4.68% at RM4.68 while Hartalega rose 16 sen or 3.31% to RM4.99.
“Despite the KLCI recovering most of the intraday losses, the key index remained in the red for the fifth straight session in line with the negative performance across its regional peers," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com.
At a glance, the KLCI recovered with Asian shares following more optimistic comments from China and the US on the trade war.
Reuters reported that world stocks hovered near two-month lows on Tuesday, although slightly more optimistic comments from US and Chinese officials on trade brought some comfort a day after equities suffered their worst selloff so far this year. It was reported that fears the US and China are spiraling into a fiercer, more protracted trade dispute that could derail the global economy, has rattled share markets in recent weeks, and the selloff accelerated on Monday after China announced plans for retaliatory tariffs.
But the Chinese Government's top diplomat said China and the US both have the "ability and wisdom" to reach a trade deal that is good for both. And US President Donald Trump said he was optimistic about resolving the trade dispute, according to Reuters.
Across Asian stock indices, Japan's Nikkei 225 cut losses to close down 0.59%, while South Korea's Kospi erased losses for a 0.14% rise. In China, Hong Kong's Hang Seng pared losses for a 1.5% drop.
Source: The Edge
Comments
Post a Comment