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 22): The FBM KLCI closed 3.98 points or 0.26% higher at 1,511.24 after a final hour jump helped the index erased losses, following volatile trade, as concerns of a second wave in Covid-19-infections dented world market sentiment.
At 5pm, the KLCI closed higher after dropping to its intraday low at 1,502.64.
Across Bursa Malaysia, 6.33 billion shares worth RM3.11 billion were traded. There were 548 decliners and 434 gainers.
Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com that the KLCI’s rise "reflected a cautious regional performance” amid concerns of a resurgence in Covid-19 cases globally.
It was reported that emerging market stocks started the week on softer footing on Monday, after the World Health Organization reported a record global increase in Covid-19 cases, while South Africa’s rand weakened ahead of a local emergency budget later this week.
"Fears of a second wave of coronavirus infections pushed the MSCI’s index of emerging market stocks 0.1% lower. The index had risen 1.5% in the previous week,” Reuters reported.
Across Bursa today, top gainers included KLCI stocks PPB Group Bhd and Hong Leong Financial Group Bhd (HLFG). PPB’s share price closed up 56 sen or 3.24% at RM17.86, while HLFG rose 26 sen or 1.85% at RM14.28.
The top active stock was MQ Technology Bhd, which saw some 506 million shares traded. MQ Technology’s share price closed up 1.5 sen or 30% at 6.5 sen.
Source: The Edge
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