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 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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