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 3): The FBM KLCI closed down 10.78 points or 0.68% today after Asian shares fell substantially as the US' announcement of new import tariffs on European Union (EU) imports hit world market sentiment.
At 5pm, the KLCI closed at 1,564.12, led by Public Bank Bhd and Press Metal Aluminium Holdings Bhd's share price drop.
Public Bank closed 42 sen or 2.13% lower at RM19.28 to be the top-percentage decliner among the 30 KLCI stocks. Press Metal ended down nine sen or 1.88% at RM4.69.
AxiTrader Asia Pacific market strategist Stephen Innes wrote in a note today Malaysia's Budget 2020, which will be announced this Oct 11 "is now being viewed as the next significant catalyst which is likely keeping foreign investors cautious on local bonds, equities and currency."
Earlier today, Hong Leong Investment Bank Bhd wrote in a note that investors may adopt a defensive yield-seeking strategy amid the current market backdrop.
"Overall, we will likely see defensive yield seeking to be the dominant investment style in the near term," Hong Leong said.
Globally, Reuters reported that Asian stocks tumbled to a one-month low on Thursday as already-growing market fears about global growth were fanned by the US announcement of new import tariffs on products from the EU.
It was reported that Washington will enact 10% tariffs on Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.
EU manufacturers are already facing US tariffs on steel and aluminium and a threat from the US to penalise EU cars and car parts, according to Reuters.
Source: The Edge
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