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 (Sept 1): The FBM KLCI reversed Monday’s gain and ended lower today, bucking regional trend, as banking heavyweights and healthcare-linked counters dragged on the benchmark index. At 5pm, the FBM KLCI finished 14.49 points or 0.90% lower at 1,586.89.
Bank Islam Malaysia Bhd Adam Mohamed Rahim said selected index constituents from the banking sectors retreated by more than 1% during the day on profit-taking activities.
“Hong Leong Bank, Maybank, Public Bank and RHB Bank all fell more than 1%, dragging the Bursa Malaysia Financial Services Index by over 1%, one of the biggest losers among Bursa sectoral indices. Perhaps investors decided to cash in on some gains after the recent rally seen in the FBM KLCI,” he told theedgemarkets.com when contacted.
Adam added that healthcare-related counters also took a hit today as Hartalega Holdings Bhd, IHH Healthcare Bhd and Top Glove Corp Bhd ended lower, coinciding with the decline in number of daily Covid-19 cases today, which fell to 18,762 from 20,897 yesterday.Meanwhile, the local bourse saw a total of 4.89 billion shares worth RM3.38 billion traded, down from yesterday’s 4.43 billion shares worth RM3.67 billion.
Market breadth was largely neutral, with 562 decliners versus 510 gainers, while 427 counters were unchanged.
Gainers, in terms of value, were led by Malaysian Pacific Industries Bhd, Kotra Industries Bhd and Ge-Shen Corp Bhd, while losers were led by Genetec Technology Bhd, Hartalega Holdings Bhd and Hong Leong Bank Bhd.
The most actively-traded stock was KNM Group Bhd, which saw 321.80 million shares change hands.
On the regional front, Reuters reported that Chinese shares rose on Wednesday, after factory activity data raised hopes of an easing in policy, with consumer staples, real estate, financials and infrastructure sectors leading gains.
Elsewhere, Japanese shares inched higher to hit a 1-1/2-month high, as investors bet Prime Minister Yoshihide Suga’s manoeuvring might help restore political stability. Domestic media reported that Suga intended to dissolve the lower house of Parliament in mid-September, and was considering holding the general election on Oct 17. Suga said he had no such plan, but few investors took his comments at face value.
The Shanghai Composite Index climbed 23.16 points or 0.65% to close at 3,567.10, while the Japanese Nikkei Index settled 361.48 points or 1.29% higher at 28,451.02.
Source: The Edge
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