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 (July 27): The FBM KLCI rebounded today after yesterday’s dip, bucking the trend seen among its regional peers, amid China’s crackdown on certain sectors and the cautiousness ahead of the upcoming US Federal Open Market Committee meeting.
At its close, the benchmark index was up 2.07 points or 0.14% at 1,514.60, a slight rebound after two straight days of decline.
The index remained in positive territory throughout the day, possibly due to a slightly more optimistic sentiment, as Prime Minister Tan Sri Muhyiddin Yassin yesterday said that most states will move into Phase 4 of the National Recovery Plan as early as October.
The gainers among the KLCI constituents were led by MISC Bhd, which rose 2.3% to close at RM6.83, IOI Corp Bhd (up 1.6%) and PPB Group Bhd (up 1.1%).However, market breadth remained negative, as 657 decliners outnumbered 326 gainers.
The top percentage gainers were Vsolar Group Bhd and Artroniq Bhd, while the decliners were led by B.I.G. Industries Bhd.
Among Bursa Malaysia indices, the Real Estate Investment Trust (REIT) Index was the top gainer, up 0.23% at 809.16, followed by the Plantation Index (up 0.16%) and the Transportation & Logistics index (up 0.11%).
Meanwhile, the Healthcare Index was the top decliner, down by 1.11% at 2,826.22 points, followed by the Technology Index, which fell 0.51% to 88.61 points.
The FBM Small Cap index declined 80.34 points or 0.51% to close at 15,599.79 points.
The rebound in the KLCI was despite the decline among Asian stocks today, which included the Shanghai Composite Index (down 2.49%), the Hang Seng Index (down 4.22%) and the TAIEX Index (down 0.77%).
On the other hand, Japan’s Nikkei 225 rose 0.6%, while South Korea’s Kospi gained 0.23%.
Reuters reported Asian stocks hit their lowest this year on a third straight session of selling in Chinese internet giants, and real bond yields hit record lows ahead of a Federal Reserve policy meeting.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2.2% to its lowest level since end-December, having slid 2.45% the previous day, the wire said.
Source: The Edge
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