KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
KUALA LUMPUR (Feb 17): The FBM KLCI retreated 7.34 points or 0.48% to close at 1,537.12 today, as global investors weighed the spectre of recession in Japan and Singapore amid persisting concerns over the 2019 novel coronavirus disease (Covid-19) outbreak.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI's fall today was due to weaker-than-expected Japan economic data. Japan's Nikkei 225 closed down 0.69%.
Reuters, citing Japan government data, reported Japan's economy contracted at an annualised pace of 6.3% in October-December, shrinking at the fastest pace since the second quarter of 2014. It was reported that the preliminary reading for the fourth-quarter gross domestic product was much worse than economists' median estimate of a 3.7% contraction in a Reuters poll.
"Trade-dependent Singapore downgraded its 2020 economic growth forecast and is set to unveil measures to cushion the blow from the epidemic on Tuesday. Singapore Prime Minister Lee Hsien Loong said on Friday that a recession was a possibility," Reuters reported.
Across Bursa Malaysia today, the bourse saw 2.91 billion shares, worth RM1.9 billion, traded. Top decliners included Tenaga Nasional Bhd, Top Glove Corp Bhd and Maxis Bhd.
Notable stocks included Icon Offshore Bhd. Icon's share price closed down six sen or 25.53% at 17.5 sen, among most-active stocks, after plunging in afternoon trade.
Earlier today, Icon shares hit limit up after surging as much as 30 sen or 127.66% to 53.5 sen in morning trade, following Bursa’s decision to uplift the offshore support vessel provider's designated securities status today.
The designated securities status was intended to mitigate excessive speculation observed in the trading of Icon securities, according to Bursa.
Source: The Edge
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