KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (Aug 29): The FBM KLCI closed up 5.36 points or 0.34% today on bargain hunting and as foreign selling of Malaysian stocks appeared to have tapered off amid more optimistic corporate financial announcements during the current reporting season.
At 5pm, the KLCI closed up at 1,595.18, led by top percentage gainer IOI Corp Bhd, to snap three consecutive days of losses. Today, the KLCI finished higher after falling to its intraday low at 1,584.83 as world recession concerns amid intensifying US-China trade war and the spectre of a no-deal Brexit affected sentiment.
In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that the unbroken spell of foreign selling appears to have tapered off after more optimistic corporate earnings were released.
Among the 30 KLCI stocks, IOI Corp was the leading percentage gainer after the stock closed up 14 sen or 3.32% at RM4.36 followed by Hap Seng Consolidated Bhd. Hap Seng Consolidated added 29 sen or 3.02% to RM9.90.
Globally, Reuters reported that global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. It was reported that bond markets around the world painted a gloomier picture, with yields on 30-year US Treasuries and 10-year German bunds yield both hitting record lows - 1.905 percent and minus 0.716 percent on Wednesday.
In the UK, the most serious political crisis in decades deepened after Prime Minister Boris Johnson decided to suspend Britain's Parliament for more than a month before Brexit, Reuters reported.
It was reported that the move will limit the time opponents have to derail a disorderly Brexit but also increases the chance that Johnson could face a vote of no-confidence in his Government, and possibly an election.
Source: The Edge
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