KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
KUALA LUMPUR (Jan 9): The FBM KLCI ended up 6.55 points or 0.41% today at 1,595.65 with Asian shares as fears over a further escalation in Iran-US hostility subsided.
Reuters reported that US President Donald Trump responded to an Iranian attack on US forces with sanctions, not violence. It was reported that Iran offered no immediate signal it would retaliate further over a Jan 3 US strike that killed a senior military commander.
In Malaysia today, Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com the temporary de-escalation in the tension between the US and Iran in the Middle East contributed to more positive investor sentiment.
"The cool-down in US-Iran tensions contributed to today's (KLCI) rise, which was in line with key regional markets," said Lau.
Across Bursa Malaysia, 2.83 billion shares worth RM1.89 billion were
traded today. A total of 601 counters gained versus 254 decliners.
Top gainers included Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd. Leading decliners included Petronas Chemicals Bhd and Tomei Consolidated Bhd.
Across Asian stock markets, Japan's Nikkei 225 closed up 2.31% while South Korea's Kospi rose 1.63%.
In China, the Shanghai Stock Exchange Composite closed 0.91% higher while Hong Kong's Hang Seng added 1.68%.
Source: The Edge
Top gainers included Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd. Leading decliners included Petronas Chemicals Bhd and Tomei Consolidated Bhd.
Across Asian stock markets, Japan's Nikkei 225 closed up 2.31% while South Korea's Kospi rose 1.63%.
In China, the Shanghai Stock Exchange Composite closed 0.91% higher while Hong Kong's Hang Seng added 1.68%.
Source: The Edge
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