KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
KUALA LUMPUR (Oct 16): The FBM KLCI closed up 8.67 points or 0.55% at its intraday high today while volume across Bursa Malaysia rose past three billion shares after global equities rose in anticipation that the UK and the European Union (EU) could reach a Brexit deal in time for a leaders' summit this week.
At 5pm, the KLCI closed at 1,574.9 after Asian shares ended higher following overnight gains in US stock markets.
Across Bursa today, trading volume was higher at 3.06 billion shares worth RM2.23 billion. Yesterday, trading volume stood at 2.62 billion shares valued at RM1.73 billion.
Today, TA Securities Holdings Bhd wrote in a note "the local market should trade sideways as hopes for a Brexit deal ahead of the month-end deadline offset caution on the certainty of the initial US-China trade deal" amid strong trading momentum in Bursa lower liners and small market capitalisation (small cap) stocks.
Malacca Securities Sdn Bhd wrote in a report today Bursa's higher share trade volume was due to the gradual return of retail players into the local market.
“The broader FBM Small Cap index has also been making headway of late and we think that run-up still has legs amid the gradual return of retail players that is seeing the overall traded volumes on the rise again. Therefore, we still see more near-term upside as retail players are likely to use this opportunity to undertake more trading activities on previously beaten down lower liners and broader market shares,” Malacca Securities said.
Globally, Reuters reported that most Southeast Asian stock markets rose on Wednesday, tracking broader Asia, as hopes of a deal to avoid a disorderly British exit from the European Union and upbeat US corporate numbers lifted sentiment, with Singapore trading at a two-week high.
"Officials and diplomats involved in negotiations over the acrimonious divorce between the world's fifth-largest economy and its biggest trading bloc said that differences over the terms of the split had narrowed significantly," Reuters said.
Source: The Edge
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