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 (Oct 7): The FBM KLCI fell 1.31% today against the backdrop of higher Covid-19 cases, new infection clusters, as well as declines in crude oil prices, despite the generally positive sentiment in the regional markets.
At 5pm, the benchmark index fell 19.91 points or 1.31% to close at 1,489.56 points, marking its second consecutive day of decline.
In a note, Hong Leong Investment Bank analyst Ng Jun Sheng said the major supports for the index stood at the 1,474 and 1,450 levels.
“Nevertheless, a further sharp fall is likely to be cushioned by the prime minister’s assurance that there will not be another total lockdown, but [only the enforcement of] Targeted Enhanced Movement Control Order (TEMCO) in high-risk areas to prevent significant impact on Malaysia’s economic and social systems,” said Ng.Meanwhile, crude oil prices fell today, with Brent crude futures recording a 1.64% decline to US$41.95 per barrel.
A total of 5.25 billion shares were traded on the bourse, valued at RM3.61 billion.
The losers were led by Nestle (Malaysia) Bhd, Petronas Dagangan Bhd and Fraser & Neave Holdings Bhd, while the gainers were led by Dutch Lady Milk Industries Bhd.
The most actively traded stock was Kanger International Bhd, with a total of 252.6 million shares traded.
Elsewhere in the region, markets were mostly up. Hong Kong’s Hang Seng gained 1.09%, South Korea’s Kospi rose 0.89%, while Taiwan’s TAIEX Index increased 0.33%. However, Japan’s Nikkei 225 declined 0.05%.
Reuters reported that Asian stock markets hit a two-week high on Wednesday, brushing off a Wall Street tumble and a drop in commodity prices after US President Donald Trump abruptly cancelled talks with lawmakers on coronavirus-relief spending plans.
Trump broke off talks with Democrats in a tweet, saying that negotiations will stop until after the election, when he promised a major stimulus bill, it said.
Source: The Edge
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