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 (July 24): The FBM KLCI closed 3.26 points or 0.2% lower at 1,652.41 today, possibly on foreign selling and as investors appeared to favour Bursa Malaysia small market capitalisation (small cap) stocks as they evaluated world economic and political newsflow.
Globally, it was reported that prospects of fresh China-US trade negotiations lifted sentiment, while investors awaited a possible US interest rate rate cut this month. Analysts said today Brexit is also among investors' list of concerns.
At 5pm, the KLCI closed down after rising to its intraday high at 1,659.38 and falling to its intraday low at 1,651.36. Bursa's small-cap index ended up 82.1 points or 0.6% at 13,779.4 while the energy index, which tracks oil and gas-related shares, climbed 12.78 points or 1.15% to 1,123.75.
“Expect the KLCI to continue to underperform. However small cap stocks like oil & gas and construction (companies) will continue to garner interest as retailers are more active in the market compared to institutional investors due to valuation and external concerns such as Brexit,” TA Securities Holdings Bhd senior technical analyst Steven Soo told theedgemarkets.com.
The KLCI ended lower, dragged down by components including Petronas
Gas Bhd, Petronas Chemicals Group Bhd and Hong Leong Bank Bhd. These
stocks finished among Bursa's top decliners.
Leading gainers included KLCI stocks Genting Malaysia Bhd and Genting Bhd.
Top-active stocks included oil and gas-related entities KNM Group Bhd and Velesto Energy Bhd.
Across Asia, Reuters reported that Asian shares crept higher on Wednesday as the prospect of fresh Sino-US trade talks drew a guarded welcome, while the euro hit lows on a range of counterparts amid speculation the European Central Bank was near to easing policy. It was reported that sentiment had been helped by a Bloomberg report that US Trade Representative Robert Lighthizer would travel to Shanghai next week for meetings with Chinese officials.
Reuters said White House economic adviser Larry Kudlow on Tuesday called it a good sign and said he expected Beijing to start buying US agriculture products soon.
In oil markets, it was reported that oil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall in US crude stocks and positive signs on Sino-US talks, although worries about weak demand kept a cap on gains. Brent crude futures were up 21 cents, or 0.3%, at US$64.04 a barrel by 0719 GMT, after rising nearly 1% on Tuesday, according to Reuters.
Source: The Edge
Leading gainers included KLCI stocks Genting Malaysia Bhd and Genting Bhd.
Top-active stocks included oil and gas-related entities KNM Group Bhd and Velesto Energy Bhd.
Across Asia, Reuters reported that Asian shares crept higher on Wednesday as the prospect of fresh Sino-US trade talks drew a guarded welcome, while the euro hit lows on a range of counterparts amid speculation the European Central Bank was near to easing policy. It was reported that sentiment had been helped by a Bloomberg report that US Trade Representative Robert Lighthizer would travel to Shanghai next week for meetings with Chinese officials.
Reuters said White House economic adviser Larry Kudlow on Tuesday called it a good sign and said he expected Beijing to start buying US agriculture products soon.
In oil markets, it was reported that oil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall in US crude stocks and positive signs on Sino-US talks, although worries about weak demand kept a cap on gains. Brent crude futures were up 21 cents, or 0.3%, at US$64.04 a barrel by 0719 GMT, after rising nearly 1% on Tuesday, according to Reuters.
Source: The Edge
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