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 (Feb 12): The FBM KLCI retreated 0.55% today to erase early gains, following weaker-than-expected GDP growth data for Malaysia in the fourth quarter of 2019.
The benchmark index rose to a high of 1,555.66 points today, before retreating from noon onwards to close 8.54 points lower at 1,542.94 as banking stocks dragged.
Earlier today, Bank Negara Malaysia announced that Malaysia's 4Q19 GDP growth came in at 3.6% — the lowest in 10 years and lower than market consensus — bringing full-year 2019 growth to 4.3%.
BNM governor Datuk Nor Shamsiah Mohd Yunus told a press briefing that the central bank has “ample room” for rate cut, after a 25-basis-point cut in January.
“The weak numbers is for 4Q19, even before the impact of the coronavirus outbreak,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng noted.
“While this month is the 4Q19 results seasons for listed companies, the data could also mean that the results for the first quarter of 2020 may not be so good,” said Wong.
Across Bursa Malaysia, 419 counters posted gains versus 405 decliners while 417 counters traded unchanged. Trading volume stood at 2.81 billion shares valued at RM2.78 billion.
Gainers were led by Fraser & Neave Holdings Bhd, Kumpulan Powernet Bhd and Scientex Bhd. Decliners were led by Hong Leong Bank Bhd, Public Bank Bhd and Chin Teck Plantations Bhd.
Elsewhere in Asia, China’s SSE Composite Index rose 0.87% — its sixth consecutive trading day of gains — as concerns about the coronavirus outbreak abated.
Similarly, Hong Kong’s Hang Seng Index rose 0.87%, while Japan’s Nikkei 225 climbed 0.74% and Singapore’s Strait Times Index rose 1.39%.
Source: The Edge
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