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 14): The FBM KLCI closed up 5.3 points or 0.34% at its intraday high today following a final-hour spike in an apparent reaction to Finance Minister Lim Guan Eng's statement that Prime Minister Tun Dr Mahathir Mohamad will announce an economic stimulus package on Feb 27 to mitigate the Covid-19 outbreak's impact on Malaysia.
At 5pm today, the KLCI closed at 1,544.46, supported by sharp 11th-hour gains in prices of index-linked stocks including Maxis Bhd and Digi.Com Bhd.
"The stimulus intends to mitigate the adverse external economic impacts of the Covid-19 outbreak on Malaysia while preserving the welfare of the rakyat (people)," Lim said in the statement.
Across Bursa Malaysia, 2.67 billion shares exchanged hands for RM2.26 billion. A total of 465 counters gained against 330 decliners.
Maxis closed up 13 sen or 2.36% at RM5.63 while Digi.Com rose eight sen or 1.83% to RM4.45.
Fund managers said Malaysian shares will also take cue from the ongoing corporate financial reporting season for the October-to-December 2019 quarter (4Q19).
“The ripple is still there. Let’s see the corporate results over the next few weeks and see if the weakness of the 4Q19 GDP (Malaysia gross domestic product numbers) translated (into weakness) across the market or (the impact is) concentrated within certain sectors,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com today.
Source: The Edge

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