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, small caps down as investors weigh Covid-19, Malaysia's RM20b stimulus
KUALA LUMPUR (Feb 27): The FBM KLCI closed 10.4 points or 0.7% higher today after index-linked stocks rose ahead of interim Prime Minister Tun Dr Mahathir Mohamad's speech on Malaysia's 2020 economic stimulus package and as local equities took cue from the current corporate financial reporting season.
At 5pm, the KLCI ended at 1,505.59 although Bursa Malaysia small market capitalisation (small cap) stocks fell in apparent reflection of global share market sentiment amid the Covid-19 outbreak.
Bursa's small cap index ended down 241.18 points or 1.78% at 13,324.48 after Asian shares tracked US stock futures losses. Among Asian stock indices, Japan’s Nikkei 225 and South Korea's Kospi closed down 2.13% and and 1.05% respectively.
CNBC reported that major Asia Pacific markets were mixed on Thursday as investors remained cautious over the fast-spreading new coronavirus that has infected more than 81,000 people and killed over 2,700.
“Most of the people infected and killed by the disease to date are
from China. However, the number of cases outside the country has surged
in recent weeks — especially in places like South Korea, Italy, and
Iran. That’s led to global sell-off, including in the US where the
S&P 500 wiped out US$1.7 trillion in just two sessions,” CNBC said.
In Malaysia today, Rakuten Trade Sdn Bhd research vice president Vincent Lau said "investors' hope that the economic stimulus package will curb the impact of the Covid-19 outbreak on the local economy had a positive effect on the KLCI".
Dr Mahathir said today the stimulus package valued at RM20 billion is anchored on three strategies namely mitigating the impact of COVID-19, spurring people-centric economic growth and promoting quality investments.
Corporate financial results played a role too in supporting the KLCI's gains. Malayan Banking Bhd (Maybank) was one such example after its share price rose 19 sen or 2.28% to close at RM8.52 after the group reported profit growth and proposed a dividend.
Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said "Maybank's share price gain helped lift the KLCI" as the broader market fell.
Across Bursa today, 3.52 billion shares exchanged hands for RM2.67 billion. A total of 622 counters declined against 264 gainers.
Top gainers included PPB Group Bhd and Maybank while leading decliners included Carlsberg Brewery Malaysia Bhd and KESM Industries Bhd.
Source: The Edge
In Malaysia today, Rakuten Trade Sdn Bhd research vice president Vincent Lau said "investors' hope that the economic stimulus package will curb the impact of the Covid-19 outbreak on the local economy had a positive effect on the KLCI".
Dr Mahathir said today the stimulus package valued at RM20 billion is anchored on three strategies namely mitigating the impact of COVID-19, spurring people-centric economic growth and promoting quality investments.
Corporate financial results played a role too in supporting the KLCI's gains. Malayan Banking Bhd (Maybank) was one such example after its share price rose 19 sen or 2.28% to close at RM8.52 after the group reported profit growth and proposed a dividend.
Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said "Maybank's share price gain helped lift the KLCI" as the broader market fell.
Across Bursa today, 3.52 billion shares exchanged hands for RM2.67 billion. A total of 622 counters declined against 264 gainers.
Top gainers included PPB Group Bhd and Maybank while leading decliners included Carlsberg Brewery Malaysia Bhd and KESM Industries Bhd.
Source: The Edge
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