KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
KUALA LUMPUR (Oct 10): The FBM KLCI closed 0.64 point or 0.04% higher today at 1,551.87 after erasing losses in the final trading minutes. Share trade sentiment was seen against persistent US-China trade war uncertainties amid a broadening spat, which now includes foreign policy.
Analysts said Malaysia's Budget 2020, which will be announced tomorrow (Oct 11), also affected local market sentiment today. At 5pm today, the KLCI closed higher after falling to its intraday low at 1,548.45.
At 1,548.45, the KLCI had declined past a crucial support level.
Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com today that the KLCI's "support level can be identified at 1,550."
"Conversely, key levels of resistance to look at are the 1,580 and 1,600 levels" Wan said.
Despite the KLCI's marginal gain today, he warned that investors should be aware of persistent foreign selling in the Malaysian stock market as he still sees pockets of opportunities for foreign funds to continue doing so.
This is due to uncertainties on US-China trade talks and Malaysia's Budget 2020, according to him.
Across Bursa Malaysia today, top gainers included Nestle (M) Bhd and Aeon Credit Service (M) Bhd. Top-active stocks included JAKS Resources Bhd and FGV Holdings Bhd.
Globally, Reuters reported that world stocks recouped early losses as news reports raised hopes that the US and China would settle some economic disputes, but investors were kept on edge by an earlier report that trade talks due to begin on Thursday could be cut short.
It was reported that US S&P500 mini futures traded down 0.1%, with a big part of early losses cut after the New York Times reported Washington will soon issue licences allowing some US firms to supply non-sensitive goods to China's Huawei Technologies.
"Another report, from Bloomberg, that the White House is looking at rolling out a previously agreed currency pact with China, also raised hopes of a partial deal and helped to lift risk assets.
"Earlier US stock futures slumped as much as 1.3%, as the South China Morning Post (SCMP) reported the Chinese delegation, headed by Vice Premier Liu He, was planning to leave Washington after just a day of Minister-level meetings, instead of as originally planned on Friday," Reuters reported.
Source: The Edge
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