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.
Market Daily Report: KLCI up alongside regional markets on China signal to minimize Wuhan virus impact
KUALA LUMPUR (Feb 11): The FBM KLCI Index rose 0.56% alongside gains in the regional markets, on a stronger stance by China to minimize the impact of the novel coronavirus (2019-nCoV) a.k.a. Wuhan virus outbreak on its economy.
The benchmark index hit its intra-day high of 1,554.67 points before settling at 1,551.48, still up 8.68 points from previous close.
Gainers in the index were led by Petronas Chemicals Group Bhd and Hap Seng Consolidated Bhd, supported by bargain hunting, following a slump in their share prices late last month.
After the slump, investors may be using the opportunity to buy some shares ahead of the quarterly results release that would go full swing this month, said HLIB Research analyst Loui Low Ley Yee when contacted.
“There are expectations of better results in select sectors for 4Q19,” Low said, adding the market may have priced in most of the impact from the coronavirus outbreak, considering some slowdown in the negative news flow.
Market sentiment improved today, following the first public appearance of Chinese President Xi Jinping since the coronavirus outbreak on Monday evening.
Xi, who visited a community health centre in Beijing, reportedly called for “greater efforts to minimize the impact of the epidemic on the economy” and for attention to be paid to “preventing large-scale layoffs”.
He said China would strive to meet economic and social targets for the year, Reuters reported.
The improved sentiment helped China’s Shanghai Stock Exchange Composite Index rise 0.39%, as it eked out gains for its fourth consecutive trading day. Similarly, the Shenzhen Stock Exchange Composite Index rose 0.37%.
Hong Kong’s Hang Seng Index rose 1.26%, whereas Singapore’s STI rose .
Malaysia’s stock market saw 462 counters posting gains against 372 decliners, while 367 counters traded unchanged.
Across Bursa Malaysia, gainers were led by Carlsberg Brewery (M) Bhd, while decliners were led by Malaysian Pacific Industries Berhad. Some 2.77 billion shares were traded across Bursa Malaysia, valued at RM2.26 billion.
At the time of writing, global cured cases of the Wuhan virus stand at 4,184. Data shows there has been a gradual slowdown in the number of confirmed cases in February. The outbreak has resulted in over 43,000 individuals infected, with death toll at 1,013 since the outbreak was announced since the end of last year.
Source: The Edge
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