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 (Oct 15): The FBM KLCI finished in negative territory today due to lack of any significant progress in the ongoing US-China trade talks, as well as profit taking by investors.
The benchmark index closed 1.36 points or 0.09% lower at 1566.23.
On the broader market, there were 410 decliners against 391 advancers. A total of 2.62 billion shares valued at RM1.73 billion exchanged hands.
Hong Leong Investment Bank Bhd analyst Loui Low said today’s trading was mostly sideways, with bouts of profit taking.
“Trading sentiment was also dampened due to China putting a pause on the trade deal, despite the mildly expansionary budget presented (by the Malaysian government) earlier. There is also some rotational play going on,” he told theedgemarkets.com when contacted.
Nevertheless, Loui also noted that there was still some spillover effect from Budget 2020, since beneficiary stocks such as those involved in technology and green initiatives remained positive.
Elsewhere in Southeast Asia, Reuters said most stock markets traded in a flat-to-lower range, as hopes of a Sino-U.S. trade deal subsided after Beijing indicated further talks were needed, while figures from China underlined the damage felt due to trade pressures.
Source: The Edge
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