FBM KLCI - higher on technical rebound
Stocks on Bursa Malaysia staged an oversold rebound yesterday, led by finance stocks despite the weak performance of regional bourses. Asian equities were mostly lower, weighed down by the slump in Chinese equities, weakening emerging market currencies, lower oil prices and the deadly Bangkok bombing. The FBM KLCI was 7.06 points or 0.45% better at 1,579.60, after moving between 1,562.88 and 1,584.05 throughout the day. Gainers led losers by 409 to 407 with 360 counters unchanged. Total volume rose to 2.25 billion units valued at RM2.11 billion from 2.06 billion units valued at RM1.95 billion on Monday.
Stocks on Bursa Malaysia ended lower yesterday on heavy selling across the board particularly of blue chips. The local bourse remained bearish with sentiment continuing to be plagued by the weakening ringgit against the greenback, slowdown in China’s economy, devaluation of the Chinese yuan, weakening of oil prices, and nagging domestic concerns. Asian equities were mostly lower, weighed down by the possibility of China allowing the yuan to depreciate further. The FBM KLCI fell 24.28 points or 1.52% to 1,572.54 after hovering between 1,569.19 and 1,594.46 throughout the day. Losers trounced gainers by 836 to 149 with 215 counters unchanged. Total volume rose to 2.06 billion units valued at RM1.95 billion from 2.01 billion units valued at RM2.2 billion last Friday.
Stocks on Bursa Malaysia ended lower last Friday on continued sell down by foreign funds on the back of volatility in the Chinese yuan, falling oil prices, and the softer ringgit. China’s devaluation of the yuan continued to impact regional markets and currencies coupled with the fall in commodity prices, the local bourse failed to defend its crucial psychological level of 1,600 points. The FBM KLCI fell 24.8 points to close at 1,596.82, after fluctuating between 1,590.57 and 1,626.90 throughout the day. On a weekly basis, the benchmark index fell 85.83 points from 1,682.85 on extensive selling. Losers trounced gainers by 782 to 148, while 249 counters were unchanged. Weekly turnover rose to 10.26 billion units worth RM10.76 billion from previous week’s 7.38 billion units worth RM7.99 billion.
Stocks on Bursa Malaysia snapped its losing streak to end higher yesterday on technical rebound following the release of positive second quarter 2015 gross domestic product (GDP) figures. The second quarter GDP growth of 4.9% was better than market expectation of 4.5%. The FBM KLCI finished at 1,621.62, up 11.69 points, or 0.73%, after fluctuating between 1,605.46 and 1,626.86 throughout the day. The rebound was led by gains in the finance counters. Gainers outpaced losers by 714 to 217 with 252 counters unchanged. Total volume fell to 1.86 billion units valued at RM2.21 billion from 2.49 billion units valued at RM2.29 billion on Wednesday.