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 5): The FBM KLCI closed 4.95 points or 0.29% lower today at 1,682.53 after profit taking marked the course of the trading day against a backdrop of an overbought Malaysian stock market. Tenaga Nasional Bhd (TNB) shares fell.
TA Securities Holdings Bhd senior technical analyst Steven Soo told theedgemarkets.com that profit taking was present among KLCI stocks as investors and traders sought to secure their investment positions before Bursa Malaysia closes for the weekend.
Soo said the Malaysian stock market is slightly overbought.
The US jobs data, due later in the day, was also a factor that was being watched closely by investors, according to him.
“A rate cut has been priced in by the market. What the jobs data will
indicate is the quantum by which the Federal Reserve cuts interest
rates,” he said.
US rate cuts are seen boding well for Asian markets in anticipation that fund managers will shift their money into higher-yielding Asian assets like currencies, stocks and bonds.
Reuters reported that Asian shares hovered near two-month highs on Friday as investors braced for the US employment data, a key release that could stoke or temper market expectations about aggressive policy easing by the Federal Reserve.
It was reported that trade across global markets was expected to remain subdued following the Independence Day holiday in the US on Thursday and ahead of the non-farm payrolls report. According to Reuters, all eyes were now on US non-farm payrolls, which are expected to have jumped by 160,000 in June compared with 75,000 in May.
Across Bursa Malaysia today, 2.58 billion shares worth RM1.83 billion were traded. Top decliners included KLCI components TNB and Petronas Dagangan Bhd.
State-controlled utility TNB shares closed down 54 sen or 3.82% at RM13.60 on news the Government is studying a proposal to liberalise the country's electricity retail sector.
TNB shares cut losses at the 5pm closing bell after the stock fell as much as 70 sen or 5% today.
Source: The Edge
US rate cuts are seen boding well for Asian markets in anticipation that fund managers will shift their money into higher-yielding Asian assets like currencies, stocks and bonds.
Reuters reported that Asian shares hovered near two-month highs on Friday as investors braced for the US employment data, a key release that could stoke or temper market expectations about aggressive policy easing by the Federal Reserve.
It was reported that trade across global markets was expected to remain subdued following the Independence Day holiday in the US on Thursday and ahead of the non-farm payrolls report. According to Reuters, all eyes were now on US non-farm payrolls, which are expected to have jumped by 160,000 in June compared with 75,000 in May.
Across Bursa Malaysia today, 2.58 billion shares worth RM1.83 billion were traded. Top decliners included KLCI components TNB and Petronas Dagangan Bhd.
State-controlled utility TNB shares closed down 54 sen or 3.82% at RM13.60 on news the Government is studying a proposal to liberalise the country's electricity retail sector.
TNB shares cut losses at the 5pm closing bell after the stock fell as much as 70 sen or 5% today.
Source: The Edge
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