KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
KUALA LUMPUR (March 5): The FBM KLCI closed up 1.08 points or 0.07% at 1,491.03 today after falling in afternoon trades with US stock futures as global investors weighed the impact of the Covid-19 outbreak, which has killed more than 3,000 people in China.
At 5pm today, the KLCI closed up after volatile trade in the afternoon when the index fell to its intraday low at 1,486.35. The KLCI had earlier risen to its intraday high at 1,497.31 as Asian stock indices tracked US equities’ Wednesday overnight rise.
Across Bursa Malaysia at 5pm today, 2.78 billion shares worth RM2.07 billion were traded. Top gainers included Petronas Chemicals Group Bhd and Gamuda Bhd.
On US markets, CNBC reported that as of 1:27 am ET Thursday, Dow Jones Industrial Average futures were down 141 points, signalling an implied opening drop of 247.86 points at the open.
"The moves came amid a roller coaster week for stocks on Wall Street, which saw the 30-stock Dow swinging 1,000 points or higher two times within three days.
"A series of factors have been driving investor sentiment, ranging from developments around the coronavirus outbreak that continues to spread globally to former (US) Vice President Joe Biden’s major wins during Super Tuesday,” CNBC reported.
In Malaysia, Hong Leong Investment Bank Bhd wrote in a note today that should the headlines on COVID-19 continue to worsen, the research firm expects profit taking to emerge in US equities.
"With the Federal Reserve introducing the 50 basis points cut (on Tuesday), coupled with US$8 billion emergency fund being passed by the lawmakers to combat the COVID-19 outbreak in the US, we believe the sentiment has stabilised and the Dow could remain positive over the near term. The next major event that traders will be monitoring will be the FOMC meeting that will be held on 17-18 March. Meanwhile, should the headlines on COVID-19 continue to worsen, we expect profit taking to emerge,” Hong Leong said.
Reuters, quoting China's National Health Commission, indicated today that China reported a rise in new confirmed cases of coronavirus, reversing three straight days of declines, because of a spike in new infections in Wuhan, the city at the center of the outbreak.
It was reported today that China had 139 new confirmed cases as of Wednesday, bringing the total accumulated number of cases to 80,409.
"Authorities reported 119 new cases the previous day and 125 the day before that. The death toll from the outbreak in Mainland China had reached 3,012 as of the end of Wednesday, up by 31 from the previous day. Hubei accounted for all of the new deaths. In Wuhan, 23 people died,” Reuters reported.
Source: The Edge
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