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.
Market Daily Report: KLCI closes slightly higher on bargain hunting after sharp falls in line with regional declines
KUALA LUMPUR (Sept 4): The FBM KLCI closed marginally higher on mild bargain hunting in the later part of the trading session. But overall sentiment remained tepid in line with the decline at regional markets, following Wall Street’s sharp fall overnight.
The index ended the day 0.46 points or 0.03% higher at 1,515.86, after opening sharply lower and remaining in the red for the most part of the session.
MIDF Research head of research Imran Yassin Md Yusof told theedgemarkets.com that the heavy selldown in early trading was a spillover effect from the overnight plunge on Wall Street.
The market sentiment remained bearish thereafter until the bargain hunting activities ahead of the close.
Imran said the KLCI is likely to tread on cautious mode next week amid the selldown on the US markets and with Bank Negara Malaysia's Monetary Policy Committee set to decide whether a further interest rate cut is needed.
On the broader market today, losers led gainers by 578 to 385, while 514 counters closed unchanged. Volume was 7.04 billion shares valued at RM4.08 billion.
All of Bursa Malaysia’s indices closed lower except for the energy index.
The technology index fell the most in percentage terms, closing 1.8%
lower at 57.26, followed by the healthcare index, which dropped by 1.74%
to 3,857.01.
Elsewhere in Asia, Japan's Nikkei 225 fell 1.11% and South Korea's
Kospi dropped 1.15%. Hong Kong’s Hang Seng Index sank 1.25% while the
Shanghai Stock Exchange Composite Index closed down 0.87%.
Reuters reported that emerging Asian stock markets were pumelled today, with many plumbing multi-week lows, after the steep sell-off on Wall Street unnerved investors ahead of US jobs data later in the session.
“US indexes marked their biggest one-day falls since June on Thursday on the back of furious profit-taking, while analysts worry a disappointing non-farm payrolls report could deepen the selling,” the report said.
Source: The Edge
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