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 (April 16): The FBM KLCI closed down 1.26 points or 0.09% at 1,386.53 today after a final hour plunge on profit taking, as investors weighed the impact of the Covid-19 pandemic on the global economy and corporate earnings.
At 5pm, Bursa Malaysia registered a trade volume of 4.83 billion shares valued at RM2.67 billion. There were 624 gainers and 253 decliners.
Reuters quoted J.P. Morgan Asset Management global market strategist Kerry Craig as saying “markets are looking for the peak in the viral spread, but this is only the start of a very bumpy road back to economic strength.”
"Investors should remain vigilant to what the market is pricing and realise that market rallies in a longer bear market are not unusual,” Craig said.
At Bursa today, the KLCI rose to its intraday high at 1,398.53, before a final hour plunge landed the index in the red, when market closed. Across the exchange, top gainers included Rubberex Corp (M) Bhd, while leading decliners included Kuala Lumpur Kepong Bhd and PPB Group Bhd. Most-active stocks included Dagang NeXchange Bhd.
Dagang NeXchange ended with a volume of some 115 million shares. It share price closed up 2.5 sen or 19.23% at 15.5 sen.
Globally, it was reported Asia's stock markets retreated from their highest levels for a month and the dollar extended gains on Thursday, as the damage the coronavirus has wrought on the world economy soured appetite for risk.
It was reported data showed U.S. retail sales fell the most on record last month and manufacturing output fell by the most in 74 years, raising fears of a deep recession.
"Another sky high figure is expected, when U.S. weekly jobless claims land later in the day.
"E-mini futures for the S&P 500 fell half a percent in Asia, after a 2.2% drop on the index on Wednesday and European futures were marginally lower. MSCI’s broadest index of Asia-Pacific shares outside Japan lost about 1%, wiping out early week gains that had taken the index to its best level since mid-March,” Reuters reported.
Source: The Edge
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