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 (Feb 7): The FBM KLCI, which languished in the red throughout most of the trading session today, eventually settled 0.11% higher, lifted by last-minute gains in index-linked counters.
At 5pm, the benchmark index was 1.72 points higher at 1,554.49, as Hong Leong Financial Group Bhd (HLFG), CIMB Group Holdings Bhd and Maxis Bhd recorded gains.
HLFG closed 6.93% or RM1.12 higher at RM17.28, giving it a market capitalisation of RM19.79 billion, while CIMB ended 13 sen or 2.59% higher at RM5.15, which gave it a market value of RM51.10 billion. Maxis climbed 5 sen or 0.93% to RM5.45, for a market capitalisation of RM42.62 billion.
Across the local exchange, there were 343 gainers versus 424 losers, while 445 stocks remained unchanged. A total of 2.74 billion shares worth RM2.17 billion were transacted, compared with yesterday's 3.08 billion shares worth RM2.48 billion.
TA Securities senior technical analyst Stephen Soo, when contacted, said market sentiment remains cautious due to the Wuhan coronavirus outbreak.
There was also clear profit-taking activities seen today, following the "rally" of over 1% recorded in the local bourse yesterday after China announced it would cut tariffs on US imports, Soo said.
"The uncertainty is still high [as investors are still] concerned about the [coronavirus ] outbreak. I believe the latest [concern for the outbreak] was coming from the cruise ship from Japan, which triggered caution [for the investors] on the outbreak," he said.
"For the next week, the market should be trading sideways, but with some potential downside, depending on [further] developments of the virus outbreak and US-China trade progress," he said, adding the KLCI's immediate resistance level would be at 1,565, with support at 1,517.
It was reported today that another 41 people on a cruise ship off the coast of Japan have tested positive for the new coronavirus, bringing the total number of cases on board the 3,700-filled boat to 61. This brings the number of confirmed cases in Japan to 86, the second highest figure after China. Those on board have now been quarantined in Yokohama, Japan, according to BBC News.
Reuters, meanwhile, reported that Asian share markets fell on Friday while oil price gains stalled, as the growing death toll and economic damage from the coronavirus outbreak snuffed out a late-week rally.
The total death toll from the virus has now reached 636, while the number of infections stood at 31,513.
Japan's Nikkei closed the day 0.19% lower, while Hong Kong's Hang Seng fell 0.33% and South Korea's Kospi declined 0.72%. China's Shanghai Composite Index, on the other hand, rose 0.33%.
Source: The Edge
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