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 (May 12): The FBM KLCI finished 2.38 points or 0.17% lower at 1,379.93 today, while Bursa Malaysia’s Healthcare Index rose by a significantly larger quantum as concerns over a second wave of the Covid-19 pandemic weighed on investors’ confidence and at the same time prompted buying of shares in healthcare-related companies like rubber glove manufacturers.
In Malaysia, investors also appeared to take their cue from factors including the current corporate financial reporting season and political updates in the country. News reports today, based on PAS Jeneri assemblyperson Muhammad Sanusi Md Nor's claims, indicated that 23 Kedah state assemblypersons had lost confidence in the leadership of Datuk Seri Mukhriz Mahathir as Kedah menteri besar.
The KLCI closed lower after volatile trade. Malaysian markets resumed trading today folllowing a holiday yesterday in lieu of Nuzul Al-Quran, which fell on Sunday.
Today, Bursa saw 6.39 billion shares worth RM3.73 billion transacted across the exchange.
The healthcare index, which includes rubber glove manufacturers, closed up 5.21% to be the largest percentage gainer among Bursa indices.
Glove counters dominated the top gainer list across Bursa. The list included Top Glove Corp Bhd, Supermax Corp Bhd and Careplus Group Bhd.
Leading gainer Top Glove closed up 68 sen or 9.3% at RM7.99 after rising to its intraday high of RM8.28.
Careplus, which was also Bursa’s most active stock, saw some 291 million shares traded. The stock’s price hit limit up after closing up 30 sen or 50.85% at its intraday high of 89 sen.
Malacca Securities Sdn Bhd head of retail research Loui Low said Bursa’s Healthcare Index "outperformed the rest as the related industry, such as glove manufacturing, stands to be a beneficiary of rising glove demand due to the Covid-19 pandemic".
Globally, it was reported that Asian shares tumbled today on growing worries about a second wave of Covid-19 infections after the central Chinese city of Wuhan, where the pandemic originated, reported its first new cases since its lockdown was lifted.
According to Reuters, Wuhan reported five new cases yesterday, casting doubts over efforts to lower Covid-19-related restrictions across the country as businesses restarted and individuals went back to work.
In Malaysia tomorrow, investors will follow closely the announcement of the country’s first-quarter (1Q) economic growth numbers to gauge Covid 19’s impact on the nation’s economy.
Source: The Edge
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