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 20): The FBM KLCI pared gains today to close 0.82 point or 0.05% higher as investors weighed the Covid-19 outbreak's impact on financial markets while evaluating Malaysian corporate financials during the current reporting season. The ringgit weakened.
At 5pm, the KLCI closed at 1,534.98 after volatile trade. The index fell to its intraday low at 1,531.15 before rising to its high at 1,540.18 points.
“Investors are less worried about the outbreak and are seeing that the outbreak could have slowed down,” Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com.
Today, Bursa Malaysia saw 2.96 billion shares worth RM2.27 billion traded across the exchange as investors closely watched companies' financial results for the October-to-December 2019 quarter.
The Malaysian corporate financial reporting season for the October-to-December quarter starts as early as January although most companies report their results in February.
Across Bursa at 5pm today, top gainer was Carlsberg Brewery Malaysia Bhd while leading decliner was Fraser & Neave Holdings Bhd.
The most-active stock was newly listed InNature Bhd, which registered a volume of 143.7 million shares.
The Body Shop International Ltd franchisee's shares closed up 1.5 sen or 2.34% at 65.5 sen against its initial public offering price of 64 sen.
The ringgit weakened with the yuan after China cut its benchmark lending rate on Thursday as widely expected to support its economy against the impact of the Covid-19 outbreak. World currencies also took cue from a stronger US dollar, which is deemed a haven in times of economic uncertainty.
At the time of writing, ringgit weakened to 4.1820 against the US dollar after China's one-year loan prime rate was lowered by 10 basis points to 4.05% from 4.15%, while the five-year tenor fell 5 basis points.
Reuters reported that emerging markets stocks faltered on Thursday on fears of a global spread of the coronavirus after a spike in new cases in South Korea, while currencies in the developing world reeled under pressure from safe-haven buying of the US dollar.
"Investors dumped emerging market assets as research suggested that the pathogen is more contagious than initially thought. It has now infected some 75,000 people and killed about 2,100.
"The yuan weakened to a more than two-month low against the dollar on Thursday after China lowered its lending benchmark rate to prop up an economy hit by the coronavirus outbreak. The benchmark loan prime rate was cut, as widely expected on Thursday, but many investors expect authorities to roll out more powerful monetary easing measures in the near-term to support business and factory activity," Reuters reported.
Source: The Edge
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