KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
South Korean shares fell more than 1% on Thursday, led by declines in chip and battery makers, following the overnight weakness in US tech stocks. The Korean won weakened, while the benchmark bond yield rose.
Market Performance:
- KOSPI Index: The benchmark KOSPI fell 29.17 points, or 1.14%, to 2,539.24 by 0133 GMT.
- Volatility: Trading has been volatile this week, with the index experiencing a rebound after a significant plunge, the largest since late 2008.
Key Stock Movements:
- Chipmakers:
- Samsung Electronics: -2.14%
- SK Hynix: -4.13%
- Battery Makers:
- LG Energy Solution: -2.47%
- Samsung: -3.96%
- SK Innovation: -1.53%
Global Influence:
- US Market Impact: US stocks ended lower on Wednesday, with the Nasdaq falling 1% due to declining technology shares and weak demand in a 10-year Treasury auction, increasing investor jitters.
Other Notable Stocks:
- Kakao: Traded marginally lower despite the e-commerce firm reporting a rise in profit.
- Market Breadth: Of the 935 traded issues, 259 shares advanced, while 628 declined.
Foreign Investment:
- Foreign investors were net sellers of shares worth 229.7 billion won (US$166.53 million, or RM0.74 million).
Currency and Bond Market:
- Won: The won was quoted at 1,379.1 per dollar on the onshore settlement platform, down 0.40% from its previous close at 1,373.6.
- Bond Futures: September futures on three-year treasury bonds rose 0.06 points to 106.00.
- Bond Yields:
- Three-year Korean Treasury Bond Yield: Fell by 1.6 basis points to 2.912%.
- Benchmark 10-year Yield: Rose by 2.4 basis points to 2.999%.
This decline in South Korean shares reflects broader global market uncertainties, particularly in the technology sector, and highlights the influence of international market dynamics on local equities.
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