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 (April 5): The FBM KLCI finished lower today after failing to sustain the upward momentum seen in the first hour of trading, due mainly to selling pressure in rubber glove heavyweights.
The benchmark index closed 1.11 points or 0.07% down at 1,584.24.
Glove maker Supermax Corp Bhd closed 3.04% or 12 sen lower at RM3.83, Top Glove lost seven sen or 1.47% to RM4.68, and Hartalega Holdings Bhd fell three sen or 0.33% to RM8.95.
Other blue chips that closed lower included Dialog Group Bhd, CIMB Group Holdings Bhd, Kuala Lumpur Kepong Bhd and Public Bank Bhd.Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI struggled to keep its earlier gains as it was dragged down by the selling activities in glove heavyweights.
“Nonetheless, the broader market was slightly positive with the construction sector being the biggest winner on the news that the Cabinet has approved the Mass Rapid Transit Line 3 (MRT3) project,” he told theedgemarkets.com.
The construction index gained the most in percentage terms among Bursa Malaysia's indices, rising 2.24% to close at 186.42.
Gainers slightly outnumbered losers at 542 to 530, while 421 counters were unchanged. Trading volume stood at 7.84 billion shares worth RM2.79 billion.
The day's top active counters included Parkson Holdings Bhd, Berjaya Corp Bhd, Berjaya Land Bhd, Matang Bhd and Dagang NeXchange Bhd.
Paragon Globe Bhd led the losers list, closing 36 sen or 24.49% lower at RM1.11. This was followed by Cheetah Holdings Bhd, Malaysian Pacific Industries Bhd, Kluang Rubber Company (Malaysia), Rapid Synergy Bhd, Heineken Malaysia Bhd and Euro Holdings Bhd.
The day's top gainers included Pecca Group Bhd, KESM Industries Bhd, BSL Corp Bhd, British American Tobacco (Malaysia) Bhd, Genetec Technology Bhd, AMMB Holdings Bhd and Unisem (M) Bhd.
Elsewhere in Asia, Japan’s Nikkei 225 increased 0.79%, while South Korea's Kospi rose 0.26%.
Reuters reported that Asia's emerging stock and currency markets trended lower today in holiday-thinned trade as strong US jobs data raised worries the US Federal Reserve (Fed) may hike interest rates sooner than it has indicated.
“The prospects of a return to full employment is raising questions about whether the Fed can stick to its pledge to keep interest rates steady through 2023. The market has fully priced in one rate hike by the end of next year,” said the news agency.
Source: The Edge
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