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 (Aug 3): The FBM KLCI closed up 7.26 points or 0.49% to finish at its intraday high at 1,500.26, helped among others by late bargain hunting in plantation and banking shares, while major Asian equity indices ended lower.
At 5pm today, the 30-stock KLCI topped 1,500 points after closing down 1.6 points at 1,493 yesterday, as investors weighed factors including lingering concerns about Malaysia’s Covid-19 pandemic situation.
Today, Maybank Investment Bank Bhd senior chartist Nik Ihsan Raja Abdullah told theedgemarkets.com that from a technical viewpoint, the Malaysian stock market was oversold yesterday.
Nik Ihsan said "sentiment in general remains cautious”, as investors weigh the country’s daily number of Covid-19 cases which rose to 17,105 today, from 15,764 yesterday.
Across Bursa Malaysia today, 4.16 billion shares were traded for RM2.72 billion. There were 493 decliners and 473 gainers.
Top gainers included KLCI stocks Kuala Lumpur Kepong Bhd (KLK) and Hong Leong Financial Group Bhd (HLFG).
Plantation company KLK’s share price closed up 64 sen or 3.43% at RM19.30, while HLFG rose 28 sen or 1.65% to RM17.30.
At a glance, the KLCI’s rise above 1,500 points today was also helped by share price gains in other KLCI constituents including Petronas Gas Bhd, which closed up 24 sen or 1.55% at RM15.72.
The KLCI closed higher today, while major Asian equity indices fell. In China, the Shanghai Stock Exchange Composite closed 0.47% lower at 3,447.99, while Hong Kong’s Hang Seng settled down 0.16% at 26,194.82.
Elsewhere, Japan’s Nikkei 225 finished 0.5% lower at 27,641.83.
Globally, it was reported that the government bond market rally that had sent US Treasury yields under 1.2% and the entire German curve negative fizzled out on Tuesday, though there were more problems in China, as internet giant Tencent took another battering.
It was reported that the US dollar meanwhile lurked just off one-month lows, after disappointing economic data on Monday.
"It had also pushed the benchmark 10-year Treasury yield as low as 1.151%, its lowest since July 20. Germany's 10-year yield, the benchmark for the euro zone, fell to its lowest since early February at -0.486%,” Reuters reported.
Source: The Edge
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