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 ends higher, Bursa volume tops 11.7 billion securities as global stocks cheer Biden win
KUALA LUMPUR (Nov 9): The FBM KLCI closed 4.68 points or 0.31% higher at 1,524.32 today with global stock indices while trading volume across Bursa Malaysia rose to 11.71 billion securities as US President-elect Joe Biden's election victory supported global stock market sentiment.
Across Bursa at 5pm, 11.71 billion securities worth RM4.62 billion were traded as Malaysian markets also took cue today from the Budget 2021 announcement last Friday.
Today TA Securities Holdings Bhd analysts wrote in a note: "With multiple buy signals triggered on momentum and trend indicators due to last week's strong sessions, the KLCI should enjoy further upside room this week, as optimism over economic growth increases with the Budget 2021 proposals likely to enhance recovery potential. On the external front, markets are rallying on hopes Democrat candidate Biden will eventually become the new US president, fuelling global recovery optimism as he should prove less combative and more accommodative towards China and other major economies, and hence reduce global trade frictions."
Globally, it was reported that shares surged, oil prices jumped and the US dollar remained weak today as expectations of fewer regulatory reforms and more monetary stimulus under US President-elect Biden supported risk appetite.It was reported that the Democratic candidate's election victory was already largely priced in by markets, which had been trading with the view of a Biden presidency and a Republican-controlled US Senate since last week.
It was reported that although Biden clinched enough states to win the presidency, incumbent President Donald Trump has not conceded and is making legal challenges to the outcome of the Nov 3 election.
On Bursa today, the KLCI opened higher in the morning before falling in the afternoon. The index, however, closed higher at 5pm after erasing losses in the final trading hour.
MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com today the KLCI finished higher in line with Asian stock indices.
Across Bursa, trading volume rose to 11.71 billion securities today from 7.67 billion units last Friday when the KLCI ended up 18.15 points or 1.21% at 1,519.64 as Finance Minister Tengku Datuk Seri Zafrul Aziz tabled Budget 2021 in Parliament on that day.
"[During] the last 15 minutes, last-minute buying was seen [in the KLCI]," Imran said.
Today, notable stocks included top-active entity AT Systematization Bhd after the stock registered a trading volume at some 2.66 billion shares.
AT Systematization's share price closed up 8.5 sen or 65.38% at 21.5 sen.
Source: The Edge
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