KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs). At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
KUALA LUMPUR (Nov 18): The FBM KLCI closed up 9.61 points or 0.6% today at its intraday high after a spike in the final trading minutes, led by sharp gains in prices of stocks including IHH Healthcare Bhd and Digi.Com Bhd and as fund managers appeared to window dress their portfolios.
Globally, Malaysian shares rose with Asian equities, after China's central bank reduced rates on seven-day reverse repurchase agreements (repo) by five basis points to 2.5%.
At Bursa Malaysia, the KLCI closed at its intraday high of 1,604.36 at 5pm, after erasing losses from its intraday low at 1,592.47.
IHH’s share price closed 21 sen or 3.93% higher at RM5.56 to become the leading-percentage gainer among the 30 KLCI components, followed by Digi.Com. Digi.Com closed up 15 sen or 3.28% at RM4.73.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com today that the KLCI was lifted mainly by IHH, after the company said it remains committed to proceed with the Fortis Healthcare Ltd open offer, once the stay is lifted by the Supreme Court of India.
Leong noted that the KLCI's gain today was also in line with positive sentiment among Asian stock indices.
“There are signs of early window dressing, as we approach towards the year-end,” Leong said.
Bursa Malaysia saw 2.34 billion shares worth RM1.42 billion traded across the exchange, as world markets took cue from China's repo rate cut.
Reuters reported Asian shares ticked higher on Monday, after Beijing surprised markets by trimming a key interest rate for the first time since 2015, stirring speculation further stimulus is on the way for the world's second-largest economy.
It was reported China's central bank cut rates on the seven-day reverse repo by five basis points to 2.5%, a move that nudged the yuan higher, while lowering bond yields.
Source: The Edge
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