KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
KUALA LUMPUR (Jan 20): The FBM KLCI gave up its earlier gains and closed at its intraday low of 1,601.54, as investors took profit after Bank Negara Malaysia (BNM) maintained its overnight policy rate (OPR) at 1.75%.
The index finished the day 0.34 points or 0.021% lower after rising to a high of 1,616.84 earlier.
MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com the banking counters recovered and drove the market higher in earlier trade as they priced in BNM would maintain its OPR.
“However, the market turned negative as investors took profit after the news,” he added.
Amid the rising Covid 19 cases, he expects the market volatility to continue.
TA Securities also said in a note today that the local market should trend lower as investor sentiment deteriorate on concerns over the adverse impact from expanding movement control order restrictions to the whole of Peninsular Malaysia, given the worsening local Covid-19 situation.
Across Bursa Malaysia today, 5.86 billion securities were traded for RM4.38 billion, compared with 6.81 billion securities worth RM4.83 billion yesterday.
Gainers led losers by 619 to 528, while 469 counters traded unchanged.
The Technology Index expanded 2.26% to 79.24.
ACE Market-listed JF Technology Bhd, which hit limit up today, was the top gainer. The counter surged 45 sen or 29.8% to RM1.96.
ViTrox Corp Bhd also surged 42 sen or 2.73% to RM15.82, making it as the third top gainer today.
Meanwhile, Public Bank Bhd emerged as the second top gainer, rising 42 sen or 2.01% to RM21.32.
Top losers, on the other hand, were led by Nestle (M) Bhd, which fell RM1.50 or 1.08% to RM137.50. This was followed by Petronas Dagangan Bhd, which slipped 66 sen or 3.19% to RM20, and Fraser & Neave Holdings Bhd, which dropped by 60 sen or 1.91% to RM30.82.
Most Asian shares closed higher today.
Reuters reported that Asian shares climbed on Wednesday as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world’s largest economy ride out a pandemic-driven slump.
China’s Shanghai Composite Index finished 0.47% higher at 3,583.09; Hong Kong’s Hang Seng ended 1.08% higher at 29,963.41; Korea’s Kospi closed 0.71% higher at 3,114.55.
Japan’s Nikkei 225, however, ended 0.38% lower at 28,523.26.
Source: The Edge
Comments
Post a Comment