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 23): The FBM KLCI pared losses for a 4.2-point or 0.28% drop to 1,507.04 at market close today after US President Donald Trump said the US-China trade deal was "fully intact” in an effort to clarify earlier confusing statements from the White House on the status of the agreement.
At 5pm, the KLCI pared losses after falling to its intraday low at 1,492.32 in line with major global stock indices, which however erased losses when markets closed.
Japan’s Nikkei 225 ended 0.5% higher while South Korea’s Kospi finished up 0.21%. In China, the Hang Seng rose 1.62% while the Shanghai Stock Exchange Composite climbed 0.18%.
In Malaysia, Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com the KLCI started with a big drop this morning, mirroring regional sentiment which turned negative after White House trade adviser Peter Navarro said the trade deal with China was “over”.
It was reported that Navarro had linked the breakdown in part to
Washington's anger over Beijing not sounding the alarm earlier about the
coronavirus outbreak.
It was reported that Navarro's statement prompted a selloff across equities markets but sentiment quickly recovered when Navarro, an outspoken critic of China, said his remarks had been taken out of context.
It was reported that Trump also soothed nerves when he tweeted: "China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement.”
Across Bursa today, 8.75 billion shares worth RM2.98 billion were traded. Low noted that share prices of electronics manufacturing service providers closed higher today.
The list includes ATA IMS Bhd, which rose eight sen or 6.56% to RM1.30, while SKP Resources Bhd ended up three sen or 2.22% at RM1.38.
“This is due to reopening of the economy. Overall, they are moving towards reopening of activities, as their stocks (share prices) were most battered down during the movement control order period. It’s a catch-up play,” Low said.
Source: The Edge
It was reported that Navarro's statement prompted a selloff across equities markets but sentiment quickly recovered when Navarro, an outspoken critic of China, said his remarks had been taken out of context.
It was reported that Trump also soothed nerves when he tweeted: "China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement.”
Across Bursa today, 8.75 billion shares worth RM2.98 billion were traded. Low noted that share prices of electronics manufacturing service providers closed higher today.
The list includes ATA IMS Bhd, which rose eight sen or 6.56% to RM1.30, while SKP Resources Bhd ended up three sen or 2.22% at RM1.38.
“This is due to reopening of the economy. Overall, they are moving towards reopening of activities, as their stocks (share prices) were most battered down during the movement control order period. It’s a catch-up play,” Low said.
Source: The Edge
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