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Market Daily Report: Bursa Malaysia Closes Lower In Sync With Regional Peers, CI Hits Intraday Low

KUALA LUMPUR, Jan 8 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) reversed yesterday’s gains to close lower on Wednesday as investors took profit amid the negative performance of regional peers. At 5 pm, the FBM KLCI fell 14.96 points or 0.92 per cent to end at its intraday low of 1,614.83 from Tuesday’s close of 1,629.79.  The benchmark index opened 0.87 of-a-point easier at 1,628.92 and hit an intraday high of 1,631.15 during the early morning session. Decliners trounced advancers 827 to 285 on the broader market, while 497 counters were unchanged, 761 untraded, and 10 others suspended. Turnover narrowed to 3.59 billion units valued at RM3.06 billion against Tuesday’s 3.91 billion units valued at RM3.29 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan noted that major Asian indices followed Wall Street’s downbeat performance, driven by t...

Market Daily Report: KLCI closes 1.2% higher on gains in banking, glove and energy stocks


 

KUALA LUMPUR (March 5): The FBM KLCI bucked the regional trend to close higher, boosted by the positive performance of banking stocks and a rebound in glove counters.

The index was back above the 1,600 mark, closing at 1,600.12 for a gain of 18.86 points or 1.19% from yesterday.

Rakuten Trade Research head of equity sales Vincent Lau said market sentiment was buoyed by buying interest in banking stocks.

Sentiment was also lifted by bargain-hunting among rubber glove stocks after the selldown yesterday, Lau  told theedgemarkets.com

Also contributing to the market’s positive performance was renewed buying in oil and gas stocks, on the back  of an increase in oil prices after Saudi Arabia and its OPEC+ allies extended their production cuts.

The broader market, however, was mixed with 617 decliners versus 561 gainers. A total of 7.99 billion securities were traded for RM5.15 billion, lower than the 9.63 billion units worth RM5.37 billion yesterday.

Notable gainers included Top Glove, Hong Leong Bank Bhd, MISC Bhd, Kuala Lumpur Kepong Bhd and RHB Bank.

Other gainers included Central Global Bhd, Latitude Tree Holdings Bhd, Artroniq Bhd (formerly known as Plastrade Technology Bhd) and Solarvest Holdings Bhd.

Meanwhile technology stocks dominated the top losers list led by Malaysian Pacific Industries Bhd, UWC Bhd, Vitrox Corp Bhd and KESM Industries Bhd.

Oil and gas counters that were actively traded included Velesto Energy Bhd, Bumi Armada Bhd, TH Heavy Engineering Bhd and Sapura Energy Bhd.

The Bursa Malaysia Energy Index, which tracks the performance of 25 oil and gas stocks, increased the most by percentage, closing up 3.15% at 951.51. This was followed by the Financial Services Index, which added 1.75% to 15,452.74.

Elsewhere in Asia, Japan's Nikkei 225 dipped 0.23% while South Korea's Kospi dropped 0.57%. Hong Kong’s Hang Seng slid 0.47% while the Shanghai Stock Exchange Composite Index fell 0.04%.

Bloomberg reported that Asian stocks and US futures pared losses today as investors digested comments from Federal Reserve chairman Jerome Powell that fell well short of trying to rein in bond yields.

 

Source: The Edge

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