KUALA LUMPUR, April 17 (Bernama) -- Bursa Malaysia rebounded from early losses to close higher today, supported by the upbeat performance of regional peers amid improved investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 6.35 points, or 0.43 per cent, to 1,483.27 compared to Wednesday’s close of 1,476.92. The benchmark index opened 1.75 points lower at 1,475.17 and moved between 1,473.21 and 1,487.27 throughout the day. In the broader market, gainers outpaced decliners 455 to 354, while 467 counters were unchanged, 1,134 untraded, and 19 others suspended. Turnover slipped to 2.40 billion units valued at RM1.60 billion from 3.00 billion units valued at RM1.65 billion on Wednesday.
KUALA LUMPUR (Nov 14): The FBM KLCI closed down 3.67 points or 0.23% today at 1,593.55 as Asian shares took cue from China and Japan's economic data, which missed market forecasts.
From a technical viewpoint, analysts said the KLCI fell because Malaysian shares are in overbought zone.
Reuters reported that Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world’s biggest economies.
It was reported that China’s industrial production growth slowed sharply in October, with the 4.7% year-on-year rise well below forecasts for 5.4%.
Investment growth hit a record low and retail sales also missed expectations, according to Reuters. On Japan, Reuters, quoting preliminary gross domestic product data released by the Government today, reported that the world's third-largest economy grew an annualised 0.2% in the third quarter, slowing sharply from a revised 1.8% expansion in April-June quarter.
"It fell well short of a median market forecast for a 0.8% gain and marked the weakest growth since a 2% contraction in July-September last year," Reuters reported.
In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the Malaysian stock market is actually overbought, hence it has started to consolidate.
"It will probably be hovering at a tight range between the 1,590 and 1,610 level in the near term. The weak economic data from China and Japan also further weighed down sentiments which opened the door of opportunity for profit-making activities,” Wan said.
Across Bursa Malaysia today, volume stood at 2.2 billion shares worth RM1.68 billion.
Top decliners included Nestle (M) Bhd and British American Tobacco (M) Bhd.
Leading gainers and top-active stocks included JAKS Resources Bhd. JAKS' share price closed up at its intraday high after the stock rose 20 sen or 17.24% to RM1.36.
JAKS saw some 40 million shares traded.
Source: The Edge
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