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 29): The FBM KLCI closed 1.48 points or 0.09% higher at 1,611.42 today on a final-hour nudge after volatile trades, which charted a rare V-shaped recovery for Malaysia's equity benchmark.
At 5pm, the KLCI closed up after rising to its intraday high of 1,618.01 in the morning before plunging to its intraday low at 1,589.98 at lunchtime.
Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar told theedgemarkets.com that the KLCI's performance today "was largely influenced" by index constituents including Top Glove Corp Bhd, IHH Healthcare Bhd and Malayan Banking Bhd.
At a glance, notable KLCI movers included Hartalega Holdings Bhd and Petronas Dagangan Bhd. Hartalega's share price closed up 22 sen or 1.11% at RM20.12, Top Glove ended down 26 sen or 0.98% at RM26.14, while Petronas Dagangan fell six sen or 0.28% to RM21.48.
Earlier today, Hartalega and Top Glove had during morning trades risen to record highs at RM20.50 and RM26.96 respectively, prior to a plunge at lunch time, during which Petronas Dagangan also fell to its intraday low at RM20.70.
Bargain hunting had subsequently helped Hartalega close higher, although Top Glove and Petronas Dagangan ended down.
Across Bursa at 5pm, 10.54 billion securities worth RM6.95 billion were traded. There were 685 decliners versus 398 gainers, as investors took cue from Prime Minister Tan Sri Muhyiddin Yassin and Bank Negara Malaysia's afternoon announcements on the loan-repayment moratorium extension.
The loan-repayment moratorium extension aims to help borrowers cope with the economic impact of the Covid-19-driven movement control order in Malaysia.
News reports quoted Muhyiddin as saying individuals who have lost their jobs in 2020 and remain jobless are eligible for the targeted moratorium extension of three months.
"After three months, the moratorium could be extended further at the banks’ discretion, depending on the borrower’s situation," he said.
BNM, in a follow-up statement, said in recognition of these exceptional circumstances, the flexibilities provided to borrowers will not appear in their Central Credit Reference Information System (CCRIS) reports.
"BNM will monitor the progress of banks in assisting borrowers that may continue to face temporary financial difficulties. The bank (BNM) will also continue to focus efforts in ensuring that the banking system continues to carry out its intermediation function effectively, in support of the economic recovery," the central bank said.
Globally, it was reported that European shares edged up slightly on Wednesday after mixed earnings reports, but a resurgence of Covid-19 cases kept investors cautious while they waited to hear from the US Federal Reserve.
The US Federal Reserve's Federal Open Market Committee meeting is scheduled on Tuesday and Wednesday (July 28 and 29). Reuters reported that investors wager the Federal Reserve will reaffirm its super-easy policies at its meeting this week, and perhaps signal a tolerance for higher inflation in the long-run.
Source: The Edge
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