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 17): The FBM KLCI closed 8.61 points or 0.57% higher today at 1,526.32 after erasing losses along with other Asian stock indices. World stocks ended higher as economic recovery anticipations offset Covid-19 outbreak revival concerns.
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Victor Wan old theedgemarkets.com that the reopening of the economy served as an impetus for local stocks.
“It gives a bit of hope that some sort of normalcy is returning,” Wan said.
Globally, it was reported that Chinese blue chips recovered from an early dip to finish steady following a robust session on Wall Street overnight during which the Dow ended yesterday up 2.04%, while the S&P 500 gained 1.9% and the Nasdaq was up by 1.75%.
"Hopes for recovery had been bolstered by the data showing US retail sales data jumped by a record 17.7% in May, recovering more than half the losses in the previous two months, though industrial output still lagged. The Trump administration was also reportedly preparing an up-to-US$1 trillion (RM4.28 trillion) infrastructure package, something that was initially promised more than three years ago," Reuters reported.
Across Bursa Malaysia today, 7.55 billion shares worth RM3.82 billion were traded. Gainers led decliners by 563 to 439.
Among the KLCI's 30 constituents, Genting Malaysia Bhd and Genting Bhd's share prices closed up as top percentage gainers. Genting Malaysia settled 14 sen or 5.38% higher at RM2.74, while Genting Bhd rose 17 sen or 3.93% to RM4.50.
Wan said Genting Malaysia and Genting Bhd's share price rises could be due to anticipations that the group's casino resort operations will be reopened soon.
Genting Malaysia's resorts were closed due to Malaysia's movement control order (MCO) to curb the spread of the Covid-19 pandemic.
Yesterday, Genting Malaysia announced that its Resorts World Kijal and Resorts World Langkawi will reopen tomorrow. However, Resorts World Genting and Resorts World Awana would remain closed until further notice, Genting Malaysia said in a statement on its website.
Source: The Edge
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