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 (June 4): The FBM KLCI closed up 23.31 points or 1.52% today at its intraday high after a spike in the final trading minutes, partly helped by sharp gains in prices of index-linked counters Hap Seng Consolidated Bhd and Nestle (M) Bhd.
Rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd were also among stocks contributing to the KLCI’s rise.
At 5pm, the KLCI finished higher at 1,561.84 points. Bursa Malaysia’s healthcare index, which includes rubber glove manufacturers, closed up 5.85% to be the largest percentage gainer among Bursa indices.
The KLCI closed higher for the seventh consecutive day today.
Across Bursa, 8.19 billion securities worth RM6.12 billion were traded. There were 634 gainers and 389 decliners.
Hap Seng Consolidated’s share price closed up RM1.30 or 15.66% at RM9.60, while Nestle rose RM1.10 or 0.79% to RM140.40.
Top Glove's share price closed up 74 sen or 5.03% at RM15.44, while Hartalega ended 56 sen or 4.99% higher at RM11.78, as share prices of rubber glove manufacturers rebounded after falling earlier.
Rubber glove manufacturers’ share prices had earlier fallen on news stockbroking firms have tightened their share margin financing standards for shares in rubber glove manufacturers, following the recent rise in their stock prices on expectation that the Covid-19 pandemic will lead to higher demand for rubber gloves.
TA Securities Holdings Bhd technical analyst Stephen Soo told theedgemarkets.com that investment sentiment remains strong among rubber glove makers, following their share price rebound today.
“Going forward, there will be some rotational play going on from the rubber glove sector, into the banking and gaming sectors. On the chart, our (KLCI) support levels stand at 1,517 and 1,539, while our resistance levels are 1,575, 1,600 (and) 1,620,” Soo said.
Globally, it was reported that the rapid rally in world markets finally paused for breath on Thursday, as traders waited to hear how much more stimulus the European Central Bank (ECB) plans to shovel out to address the coronavirus slump.
It was reported that the ECB is expected to pump in another 250-500 billion euros for the cause, but after weeks of sharp gains for stocks, oil and confidence-sensitive currencies, investors were taking the chance to lock in some profit.
"Asian stocks stalled at a two-month high; London, Frankfurt, Paris and Brent dipped; and the euro, pound and Aussie dollar all wilted, as the U.S. dollar snapped out of week-long run of falls,” Reuters reported.
In Malaysia tomorrow (June 5), investors will closely follow Prime Minister Tan Sri Muhyiddin Yassin’s announcement at 3pm on the nation's short-term economic recovery plan for the June to December 2020 period.
On Tuesday (June 2), Bernama, quoting Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, reported that the plan would still focus on three key objectives, namely to empower people, propel businesses and stimulate the economy.
Source: The Edge
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