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 10): The FBM KLCI closed 4.19 points or 0.26% lower today at 1,591.46 on profit taking while the technology index rose the most among Bursa Malaysia indices.
Bursa's technology index, which tracks semiconductor-related companies' shares, closed up 0.4 point or 1.04% at 39.03 as US-China trade optimism and apparent de-escalation of US-Iran tension led to anticipation of growth in the global technology industry.
Overall sentiment, however, stayed cautious as there were no indications on how the US-Iran tension would further develop, analysts said. According to Hong Leong Investment Bank Bhd head of retail research Loui Low, the KLCI fell today on profit taking as the broader market saw investors adopting a conservative approach.
“Looking at all this, it may be good to trade on conservative factors such as REITs, utilities and high dividend yield stocks,” said Low.
Across Bursa today, 2.74 billion shares worth RM1.6 billion were
traded. Top gainers included semiconductor-related companies KESM
Industries Bhd and Malaysian Pacific Industries Bhd.
Leading decliners included KLCI stocks Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Axiata Group Bhd.
Globally, Reuters reported that the world’s shares hit a record high on Friday as relief over de-escalation of US-Iranian tensions quickly prompted investors to bet on faster global growth, especially in the technology sector.
It was reported that MSCI’s broadest gauge of the world’s stocks in 49 countries rose a tad to hit an all-time high and its index of Asia-Pacific shares outside Japan rose 0.18%.
"Asia’s gains followed record-setting in the pan-regional STOXX 600 index in Europe and the three major stock indexes on Wall Street. The S&P 500 gained 0.67%, with its technology sector rising more than 1%. Apple gained 2.1%, helped by news that sales of its iPhones in China in December jumped more than 18% year-on-year.
"Investors welcomed the report as a prelude to the upcoming visit by China’s Vice Premier Liu He, head of the country’s negotiation team in Sino-US trade talks, to Washington next week to sign a trade deal with the US," Reuters reported.
Source: The Edge
Leading decliners included KLCI stocks Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Axiata Group Bhd.
Globally, Reuters reported that the world’s shares hit a record high on Friday as relief over de-escalation of US-Iranian tensions quickly prompted investors to bet on faster global growth, especially in the technology sector.
It was reported that MSCI’s broadest gauge of the world’s stocks in 49 countries rose a tad to hit an all-time high and its index of Asia-Pacific shares outside Japan rose 0.18%.
"Asia’s gains followed record-setting in the pan-regional STOXX 600 index in Europe and the three major stock indexes on Wall Street. The S&P 500 gained 0.67%, with its technology sector rising more than 1%. Apple gained 2.1%, helped by news that sales of its iPhones in China in December jumped more than 18% year-on-year.
"Investors welcomed the report as a prelude to the upcoming visit by China’s Vice Premier Liu He, head of the country’s negotiation team in Sino-US trade talks, to Washington next week to sign a trade deal with the US," Reuters reported.
Source: The Edge
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