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 4): The FBM KLCI closed 2.57 points or 0.15% lower today on continued profit taking in an overbought Malaysian stock market and as lower crude oil prices hit local shares.
At 5pm, the KLCI closed down at 1,687.48 on profit taking after rising to its intraday high at 1,690.81. The KLCI closed lower today to extend losses after yesterday's 0.95 point or 0.06% drop.
Today, analysts said Malaysian shares exhibited overbought momentum after recent gains. "The local market should consolidate due to overbought momentum after recent gains and as investors await further leads from data on slowing global economies and US trade policies," TA Securities Holdings Bhd wrote in a note today.
Lower crude oil prices did not help either. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI extended losses today amid renewed volatility in crude oil prices.
“This is also coupled with the uncertainly over global trade,” Leong told theedgemarkets.com today.
Reuters reported that oil prices fell more than 0.5% on Thursday, weighed down by data showing a smaller-than-expected decline in US crude stockpiles and worries about the global economy.
It was reported that front-month Brent crude futures, the international benchmark for oil prices, were down 1% at US$63.21 per barrel by 0538 GMT after closing up 2.3% on Wednesday. According to Reuters today, US West Texas Intermediate crude futures were down 1% at US$56.78 per barrel after closing up 1.9% on Wednesday.
Across Bursa Malaysia today, the exchange saw 2.84 billion shares worth RM1.82 billion traded. Top decliners included Petronas Gas Bhd after the stock closed 18 sen or 1.03% lower at RM17.36.
Oil and gas-related shares which ended lower included Petron Malaysia Refining & Marketing Bhd. The stock fell four sen or 0.65% to RM6.16.
Source: The Edge
Reuters reported that oil prices fell more than 0.5% on Thursday, weighed down by data showing a smaller-than-expected decline in US crude stockpiles and worries about the global economy.
It was reported that front-month Brent crude futures, the international benchmark for oil prices, were down 1% at US$63.21 per barrel by 0538 GMT after closing up 2.3% on Wednesday. According to Reuters today, US West Texas Intermediate crude futures were down 1% at US$56.78 per barrel after closing up 1.9% on Wednesday.
Across Bursa Malaysia today, the exchange saw 2.84 billion shares worth RM1.82 billion traded. Top decliners included Petronas Gas Bhd after the stock closed 18 sen or 1.03% lower at RM17.36.
Oil and gas-related shares which ended lower included Petron Malaysia Refining & Marketing Bhd. The stock fell four sen or 0.65% to RM6.16.
Source: The Edge
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