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 (March 2): The FBM KLCI closed down 15.7 points or 1.06% after cutting losses, while Asian stocks ended higher amid expectation world central banks will initiate monetary measures to mitigate Covid-19 outbreak's impact on their economies. Oil and gas (O&G)-related shares fell.
At 5pm, the KLCI settled at 1,466.94, after falling to its intraday low at 1,456.08. The KLCI pared losses on price gains in index-linked stocks like Tenaga Nasional Bhd and PPB Group Bhd.
At a glance, the KLCI's drop at 5pm was in contrast to global share indices, which rose after erasing intraday losses. Notable global share indices which erased their intraday losses include Japan's Nikkei 225 and South Korea's Kospi, which ended up 0.95% and 0.78% respectively.
Reuters reported Asian shares regained a measure of calm on Monday, as markets bounced after a searing sell-off last week and as investors pinned hopes on a likely coordinated global monetary response to help soften the economic blow of the 2019 novel coronavirus (Covid-19) outbreak.
"Markets being what they are, they are usually responsive to the prospect of monetary accommodation. The question is, how long this lasts and how much of a boost it gives us," Rob Carnell, head of Asia-Pacific research at ING was quoted as saying.
Across Bursa Malaysia today, 4.34 billion shares worth RM3.28 billion were traded, as investors sold O&G-related shares after crude oil's price drop at below US$50 a barrel.
Bursa's energy index, which tracks prices of O&G companies' shares, closed down 45.33 points or 4.28% at 1,013.51 to be the top percentage decliner among Bursa indices.
Among oil and gas stocks, Petronas Dagangan Bhd closed down 90 sen or 3.94% at RM21.94, while Sapura Energy Bhd fell 2.5 sen or 13.51% to 16 sen.
Bursa top-active stock Sapura Energy saw some 267 million shares traded.
Actively-traded stocks included property developer Thriven Global Bhd, with some 70 million shares transacted. Thriven's share price settled up 9.5 sen or 43.18% at 31.5 sen.
Thriven's annual report shows Datuk Fakhri Yassin Mahiaddin owns an indirect 27.16% stake in the company via Ketapang Capital Sdn Bhd.
Fakhri is Prime Minister Tan Sri Muhyiddin Yassin's son, according to news reports.
Source: The Edge
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