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 (June 25): After moving in negative territory for the most of the day, the FBM KLCI closed higher today on 11th hour bargain-hunting activities in selected heavyweight stocks.
The benchmark index ended the day 0.48 points or 0.03% higher at 1,676.61.
Rakuten Trade Sdn Bhd deputy head of research Vincent Lau said the KLCI's higher closing was due to bargain hunting in oversold component index stocks such as Telekom Malaysia Bhd (TM) and Nestle (M) Bhd.
The late buying interest came despite most regional equity markets trading in the red amid a weaker sentiment ahead of the G20 summit later this week, Lau told theedgemarkets.com.
Japan's Nikkei 225 dropped 0.43% today, South Korea's Kospi fell 0.22% and Hong Kong's Hang Seng was down 1.15%.
On the local front, however, half of the KLCI components were in the green. TM closed 10 sen or 2.47% higher at RM4.15, while IOI Corp Bhd and CIMB Group Holdings Bhd both closed up six sen at RM4.26 and RM5.34 respectively.
Nestle, the day's second top gainer, closed 40 sen or 0.27% higher at RM149.
On the broader market, some 1.78 billion shares worth RM1.75 billion were traded. Losers led gainers by 413 to 364, while 394 counters remained unchanged.
Reuters reported that Asian shares were haunted by trade anxiety today while the risk of more dovish talk from the US Federal Reserve pushed down Treasury yields and the US dollar, propelling gold to fresh six-year peaks.
Investors are waiting anxiously to see if anything comes of Sino-US trade talks later this week and sentiment was not helped by reports US President Donald Trump would be content with "any outcome", the newswire added.
Trump is slated to meet one-on-one with at least eight world leaders at the G20 summit in Osaka, including China's President Xi Jinping and Russia's President Vladimir Putin.
Source: The Edge
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