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 (Jan 13): The FBM KLCI fell 6.73 points or 0.42% to 1584.73 today, as investors remained cautious on external developments and continued to participate in profit-taking activities.
The benchmark index was amongst the few trading negatively around the region, as the rest closed in green territory on optimism ahead of the signing of the Phase 1 trade deal between the United States and China this week.
Hong Leong Investment Bank Bhd head of retail research Loui Low said profit-taking is likely to continue, ahead of the Chinese New Year holidays.
“On the other hand, despite investors taking profit in the big cap companies, the technology index remained in positive territory, closing 1.36% higher,” he told theedgemarkets.com.
Loui noted this is in tandem with the performance of technology counters in China, which rose higher today on optimism of the trade deal.
Dragging the KLCI lower were Hong Leong Bank Bhd which closed 2.05% lower to RM17.20, Petronas Chemicals Group Bhd closing 1.93% lower to RM7.10, and Public Bank Bhd which fell 1.64% to RM19.22.
A total of 2.61 billion shares, worth RM1.65 billion, were traded.
Elsewhere in Asia, Japan's Nikkei 225 index closed 0.47% higher, South Korea's Kospi rose 1.04%, while China's Hang Seng index climbed 1.11% and the Shanghai Composite index rose 0.75%.
China and the United States are scheduled to sign the trade agreement on Jan 15, and the Trump administration has invited at least 200 people to the White House for the ceremony, Reuters reported.
The agreement eases the 18-month long trade dispute between the countries and aims to alter China’s trade and economic practices, but it will still leave in place, tariffs on about US$370 billion worth of Chinese imports per year.
Source: The Edge
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