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 (Aug 28): The FBM KLCI closed 1.02 points or 0.06% lower today after US recession fears led to apparent broad-based selling across Bursa Malaysia amid persistent US-China trade war concerns.
At 5pm, the KLCI closed at 1,589.82 after falling to its intraday low at 1,585.66 in volatile trade when the index vacillated between gains and losses.
The sharp afternoon rise in components Tenaga Nasional Bhd and MISC Bhd's share price mitigated the KLCI's drop.
Bursa's index for small market capitalisation stocks closed down 77.26 points or 0.59% at 12,912.32.
Reuters reported that a deepening of the inversion in the yield curve between the 2-year and 10-year US Treasuries underscored worries about a weakening global economy.
In Malaysia, Hong Leong Investment Bank Bhd head of retail research
Loui Low told theedgemarkets.com: “Market participants could be taking
it as a sign of a potential slowdown in economic activities moving
forward, which led to further profit taking activities."
Across Bursa Malaysia, turnover stood at 1.94 billion shares worth RM1.54 billion. Top gainers included Tenaga, Opcom Holdings Bhd and MISC.
Tenaga shares finished up 14 sen or 1.03% at RM13.74 while Opcom rose 18.5 sen or 41.11% to 63.5 sen.
Tenaga and Opcom's share price rise could be due to news that the Malaysian Cabinet had today approved the implementation of the National Fiberisation and Connectivity Plan (NFCP) over a five-year period from this year to 2023 at a cost of RM21.6 billion.
theedgemarkets.com reported today that Communications and Multimedia Minister Gobind Singh Deo said the NFCP will provide "nationwide digital connectivity that is robust, pervasive, high-quality and affordable" for all Malaysians.
In response to the news, Hong Leong's Low said: "Tenaga was seen holding up the KLCI, perhaps due to the NFCP, which was approved by the Cabinet.”
Source: The Edge
Across Bursa Malaysia, turnover stood at 1.94 billion shares worth RM1.54 billion. Top gainers included Tenaga, Opcom Holdings Bhd and MISC.
Tenaga shares finished up 14 sen or 1.03% at RM13.74 while Opcom rose 18.5 sen or 41.11% to 63.5 sen.
Tenaga and Opcom's share price rise could be due to news that the Malaysian Cabinet had today approved the implementation of the National Fiberisation and Connectivity Plan (NFCP) over a five-year period from this year to 2023 at a cost of RM21.6 billion.
theedgemarkets.com reported today that Communications and Multimedia Minister Gobind Singh Deo said the NFCP will provide "nationwide digital connectivity that is robust, pervasive, high-quality and affordable" for all Malaysians.
In response to the news, Hong Leong's Low said: "Tenaga was seen holding up the KLCI, perhaps due to the NFCP, which was approved by the Cabinet.”
Source: The Edge
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