Bursa Malaysia rebounds to end higher

KUALA LUMPUR: Bursa Malaysia rebounded from two days of losses to close higher yesterday, in tandem with regional peers, taking the cue from the Chinese stocks recovery, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.25 points to close at 1,798.72 versus Tuesday’s close of 1,794.47.

After opening 5.47 points lower yesterday at 1,789, the index moved between 1,787.62 and 1,800.70 throughout the day.

On the broader market, gainers led losers by 469 to 387, with 402 counters unchanged, 646 untraded and 98 others suspended.

Volume increased to 2.21 billion units worth RM2.30 billion, from 1.86 billion units valued at RM1.92 billion recorded on Tuesday.

A dealer said Chinese stocks extended their recovery after global index provider MSCI Inc said it was considering increasing the weight of Chinese shares in its global indices from next year, as well as allowing in a raft of smaller technology companies.

“The fear over the US-China trade conflict has taken a back seat on news on Chinese stock recovery , increasing hopes that China could weather the tariff impact,” he said.

Meanwhile, Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that oil and gas stocks took the limelight among the actively traded counters yesterday, taking the cue from the Organisation of the Petroleum Exporting Countries’ statement over the weekend that it was not in a hurry to raise crude oil output, hence lifting prices higher.

“However, the US Federal Reserve decision on rates and the accompanying statements would be closely scrutinised by the markets tonight. This will set the tone for the FBM KLCI going forward,” he said.

In regional markets, Singapore’s Strait Times index added 0.09 per cent to 3,239.10, Japan’s Nikkei 225 increased 0.39 per cent to 24,033.79, Shanghai’s SSE Index rose 0.92 per cent to 2,806.81 and Hong Kong’s Hang Seng increased by 1.15 per cent to 27,816.87.

Among heavyweights, Tenaga rose 34 sen to RM15.50, CIMB Group added four sen to RM6.04, Petronas Chemicals shed seven sen to RM9.34, Maybank eased two sen to RM9.78 while Public Bank was flat at RM25.

For actives, V. S Industry warrant gained nine sen to 37.5 sen, Hibiscus Petroleum added five sen to RM1.23, V.S industry rose 11 sen to RM1.73, Sapura Energy eased half-a- sen to 43.5 sen and QES Group was flat at 34 sen.

For further information on stocks and prices, please visit www.bursamalaysia.com.