KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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
Comments
Post a Comment