KUALA LUMPUR, Aug 18 (Bernama) -- Bursa Malaysia ended higher on Tuesday, outperforming most regional markets as investors continued to rotate towards commodity and plantation-related stocks, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.47 points, or 0.43 per cent, to 1,733.36 compared with Monday’s close of 1,725.89. The benchmark index opened 1.63 points higher at 1,727.52, and fluctuated between 1,723.60 and 1,734.53 throughout the day. On the broader market, losers outpaced gainers 762 to 438, while 576 counters were unchanged, 1,075 untraded and 16 suspended. Turnover expanded to 3.74 billion units valued at RM2.91 billion from 3.45 billion units valued at RM2.74 billion on Monday.
KUALA LUMPUR (Aug 28): The FBM KLCI closed at the day’s low after some index-linked stocks came under selling in the final trading hour.
The index finished 29.57 points or 1.9% lower at 1,525.21, a near two-month low.
Areca Capital Sdn Bhd CEO Danny Wong Teck Meng said the late selling in selective KLCI stocks is likely due to portfolio restructuring.
The portfolio rebalancing action taken by institutional funds, he told theedgemarkets.com, comes in the wake of the inclusion of two glove counters as component stocks of the MSCI Global Standard index with effect from Sept 1.MSCI Global Standard had announced on Aug 13 that Kossan Rubber Industries and Supermax Corp Bhd will be new constituents of the index, while IJM Corp Bhd will be removed from the list.
Among the KLCI component stocks that retreated in the final hour today are Hap Seng Consolidated Bhd, PPB Group Bhd and Petronas Chemical Bhd (PetChem).
Hap Seng closed 68 sen or 8.63% down at RM7.20 today, while PPB dropped RM1.26 or 6.54% to RM18 and PetChem closed down 35 sen or 6.02% at RM5.46. They were among Bursa Malaysia top decliners.
On the broader market, there were 576 losers against 500 gainers.
A total of 11.15 billion shares worth RM8.25 billion were traded.
The market will be closed on Monday for the Merdeka Day national public holiday.
Elsewhere in Asia, Japan's Nikkei 225 shed 1.41%, while South Korea's Kospi inched up 0.4%. Hong Kong Hang Seng Index rose 0.56%, while the Shanghai Stock Exchange Composite Index closed up 0.61%.
Reuters reported that stock markets struggled for direction as investors worried about a lack of detail in the US Federal Reserve’s policy shift, while Japanese markets were roiled as Prime Minister Shinzo Abe resigned for health reasons.
It added that the US Fed’s widely-awaited shift in its policy framework, unveiled on Thursday, saw the central bank placing more emphasis on boosting economic growth and less on worries about letting inflation run too high.
Source: The Edge
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