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 19): The FBM KLCI rose on the back of positive global market sentiment, boosted by optimism on US-China trade talks ahead of the G20 summit as well as Eurozone’s fresh stimulus signal.
However, the KLCI climbed at a slower pace compared with its regional peers, to close 13.78 points or 0.83% higher at 1,666.54.
Japan’s Nikkei index went up 0.72%, Hong Kong Hang Seng rose 2.56% and South Korea’s Kospi gained 1.24%.
CIMB Research analyst Nick Foo Mun Pang said that apart from the optimism on US-China trade talks and the European Central Bank’s (ECB) stimulus programme, Asian stocks were poised for positive performance ahead of a widely expected US policy rate cut.
However, Foo said there is “too much” optimism in the market that a US-China trade deal would be reached at the G-20 meeting.
“If nothing good is going to happen at the G-20 summit that begins next week in Japan, the buying momentum will likely taper off,” he said when contacted by theedgemarkets.com.
Nevertheless, Foo said the local sentiment remains positive at this juncture as Bursa Malaysia may gradually gain momentum on mid-year window-dressing activities.
“From a technical standpoint, the FBMKLCI index surpassed the 1,657 high yesterday. Barring any unforeseen circumstances, the key index could potentially rise further to test the 1,670-1,680 territory,” he said.
Reuters reported that Southeast Asian stock markets rose today following comments by ECB President Mario Draghi indicating the possibility of fresh rate cuts or asset purchases which fuelled talk of a worldwide wave of central bank stimulus.
In the Malaysian market, there were 2.42 billion shares worth some RM2.34 billion traded. Market breadth was positive, with 474 gainers versus 330 losers, while 405 counters remained unchanged.
Malaysia Airports Holdings Bhd was the biggest gainer today. Other notable gainers included Tenaga Nasional Bhd, which closed higher for the third consecutive day. The biggest loser was Hong Leong Bank Bhd.
Ekovest was the most actively traded counter, with 238.73 million shares done, followed by Iskandar Waterfront City Bhd, with 214.15 million shares traded.
Source: The Edge
Comments
Post a Comment