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.
Four stocks were highlighted for their momentum at Bursa Malaysia’s noon market break. Two of these stocks exhibited positive momentum, while the other two showed negative momentum, according to a proprietary algorithm from theedgemalaysia.com.
Stocks with Positive Momentum:
Barakah Offshore Petroleum Bhd (KL): Shares rose by one sen or 14.29%, trading at eight sen. This suggests a rising price trend backed by higher trading volume.
Bertam Alliance Bhd (KL): Despite being down by half a sen or 4.17%, trading at 11.50 sen, it still showed positive momentum, indicating potential short-term buying interest.
Stocks with Negative Momentum:
Hong Leong Financial Group Bhd (KL): Shares increased by 14 sen or 0.76% to RM18.60. Despite the price increase, the stock is categorized under negative momentum, suggesting a potential decline following the price rise.
Innoprise Plantations Bhd (KL): Shares rose by one sen or 0.68% to RM1.49, yet displayed negative momentum, possibly hinting at a short-term downturn.
The list is generated using a mathematical algorithm highlighting stocks with unusual trading volume and price movements. While it does not constitute a buy or sell recommendation, it provides a snapshot of market interest and potential short-term opportunities based on current trends.
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