KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (June 16): The FBM KLCI closed 18.88 points or 1.26% higher at 1,517.71, while small market capitalisation (small cap) stocks rose by a larger quantum as factors including US and Japan central banks' stimulus revived market optimism despite lingering Covid-19 pandemic concerns.
At 5pm, Bursa Malaysia's small cap index ended up 488.88 points or 4.26% at 11,966.10 after broad-based buying across the exchange. The KLCI closed higher today, after falling 47.19 points or 3.05% to 1,498.83 yesterday, amid concerns of a second wave in the global Covid-19 outbreak.
Globally today, it was reported that the global stocks rally was back on track on Tuesday, with more support from the Federal Reserve and the Bank of Japan helping end a bumpy few days for financial markets.
It was reported that the Bank of Japan kept its monetary settings steady, as widely expected but increased the nominal size of its lending packages for cash-strapped firms to US$1 trillion from about US$700 billion announced last month. "The move came after the U.S. Federal Reserve announced it would start purchasing corporate bonds on Tuesday, as part of an already announced stimulus scheme," Reuters reported.
In Malaysia today, TA Securities Holdings Bhd technical analyst Stephen Soo noted that positive newsflow from the US had supported global equity market gains, following losses in recent trading sessions.
Looking back at the Malaysian stock market, Soo said the recent correction was good and overdue. “It is like letting off steam from the pressure cooker, especially for the rubber glove stocks,” Soo said.
Across Bursa today, 7.97 billion shares worth RM4.14 billion were traded. Gainers exceeded gainers by 947 to 175 respectively.
Leading gainer Top Glove Corp Bhd closed up 76 sen or 5% at RM15.96.
Notable gainers included JHM Consolidation Bhd, which hit limit up after the stock's price ended up 29.5 sen or 32.96% at RM1.19.
Source: The Edge
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