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 (July 9): The FBM KLCI ended marginally lower today on a lack of fresh catalysts to prop up the market.
The benchmark index closed 0.25 points or 0.02% lower at 1,583.25, after moving between 1,579.90 and 1,590.63.
Market breadth today was mixed with 471 gainers versus 490 losers, while 505 counters closed unchanged.
Turnover stood at 10.24 billion shares valued at RM5.18 billion, compared with yesterday’s record high volume of 11.81 billion worth RM4.36 billion.
Fortress Capital Asset Management (M) Sdn Bhd investment adviser and director Geoffrey Ng said the market’s relatively lacklustre performance was mainly due to the absence of fresh leads.
He also told theedgemarkets.com that retail investors have played a major role in terms of market participation of late and this trend would likely persist given the low-interest rates environment.
Ng said some speculation activities are continuing, including in glove stocks, as evidenced by the strong retail participation.
“In the case of glove makers, their share prices have more than priced in the strong demand and higher (average selling) prices of gloves. Still, we are seeing very significant retail investor activity in the glove counters,” he said.
Among glove makers, Top Glove Corp Bhd soared to another fresh record high of RM21.18, after rising 64 sen or 3.12%. There were some 23.10 million shares traded.
Supermax also jumped to an all-time high of RM12.44, after increasing by another RM1.58 or 14.55%. It saw some 47.82 million shares changing hands.
Similarly, Kossan Rubber Industries Bhd also reached its new high of RM11.68, after rising 36 sen or 3.18%. The stock saw 13.74 million shares traded.
Hartalega Holdings Bhd closed up 18 sen or 1.1% to RM16.6 on a volume of 10.59 million shares.
The day’s top active stock was PDZ Bhd, which saw some 589.13 million shares traded. The stock closed down 1.5 sen or 7.32% at 19 sen.
Top losers included Nestle (M) Bhd, Petronas Dagangan Bhd and Petronas Gas Bhd.
Across Asia, Japan's Nikkei 225 rose 0.4% and South Korea's Kospi gained 0.42%. Hong Kong’s Hang Seng Index climbed 0.31% while the Shanghai Stock Exchange Composite Index closed up 1.39%.
Reuters reported that surging Chinese stocks led Asia’s equity markets higher, as investors looked past Sino-US tension and renewed coronavirus lockdowns and hoped stimulus washing through the world economy finds its way to company earnings.
Source: The Edge
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