KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
KUALA LUMPUR (Dec 9): The FBM KLCI closed 0.37% or 5.73 points lower at 1,562.71 today, weighed down by Top Glove Corp Bhd and Tenaga Nasional Bhd (TNB), while banking constituents declined.
In particular, AMMB Holdings Bhd, Public Bank Bhd, RHB Bank Bhd, Hong Leong Bank Bhd and CIMB Group Holdings Bhd retreated. But plantation stocks climbed, noted Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng.
Some 2.62 billion shares worth RM1.62 billion crossed on the local bourse today, with the most actively traded counters being Tiger Synergy Bhd, Sanichi Technology Bhd and TDM Bhd.
Top gainers were Nestle Malaysia Bhd, Kuala Lumpur Kepong Bhd and Batu Kawan Bhd, while the biggest losers of the day were Sungei Bagan Rubber (Malaya) Bhd, Heineken Malaysia Bhd and TNB.
A total of 389 counters saw gains, while 421 counters recorded declines, and 417 counters were unchanged.
Reuters reported today that most Southeast Asian markets were subdued following weak Chinese export data, signalling weakness from the regional Asian economy, which has offset the positive Wall Street performance on the back of solid US jobs numbers.
Chinese exports, it noted, shrank for the fourth consecutive month, implying that the Sino-US trade war is taking a toll on the middle kingdom.
While some Asian markets did get some uplift from US equity indices, as investors reacted positively to a 10-month high in US job growth in November, uncertainty over the US-China trade war lingers as US President Donald Trump has yet to decide on whether to implement a new set of tariffs against Chinese goods entering the US that is set to come into force on Sunday (Dec 15), the news wire wrote.
The Shanghai Composite closed 0.09% or 2.46 points higher at 2,914.48 points, while Hong Kong’s Hang Seng saw a 0.01% decline to 26,494.73 points. Meanwhile, South Korea's Kospi gained 0.33% or 6.8 points to end at 2,088.65 points, while Japan’s Nikkei 225 rose 0.33% or 76.3 points to 23,340.7 points.
Source: The Edge
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