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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

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. 
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Market Daily Report: FBM KLCI closes above 1,400 level on optimism of US kickstarting economic activity



KUALA LUMPUR (April 17): The FBM KLCI rose actively today to close over the 1,400 level after more than one month, tracking regional gains amidst optimism on US plans to resume economic activities as it works to contain the Covid-19 spread.

At 5pm, the benchmark index, which had been trading in green territory throughout the day, closed 20.81 points or 1.5% higher at 1,407.34, with a high volume of 6.31 billion shares worth RM3.02 billion.

Market breadth was positive with 660 gainers against 222 losers.

The list of top gainers was dominated by consumer stocks such as Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (Malaysia) Bhd, and Heineken Malaysia Bhd.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the FBM KLCI advanced alongside gains across its regional peers following US plans to gradually reopen economic activities amid signs of a flattening of the Covid-19 cases curve.

“The positive news has also override the weakness in China economics data that saw 1Q2020 gross domestic product (GDP) sank -6.8% y-o-y, marking the first contraction since 1992,” he told theedgemarkets.com.

Should the FBM KLCI stay afloat the 1,400 psychological level, Leong said there could be recovery extending towards the 1,455 level over the near term.

“However, we do caution that the sluggish crude oil prices and the persistent selling from foreign funds may leave gains to be measured,” he added.

Trading was largely positive in the region, with the Nikkei 225 index advancing 3.15% to 19,897 points, while South Korea’s Kospi index rose 3.09% to 1,914.53 points. In China, the Hang Seng index climbed 1.56% to 24,380 points while the Shanghai Composite index rose 0.66% 2,838.49 points.

Reuters said Asian stocks gained on Friday as President Donald Trump's plans to gradually re-open the US economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak.



Source: The Edge
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