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 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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