FBM KLCI rebounds on last minute bargain hunting of selective heavyweights

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KUALA LUMPUR (Nov 27): Malaysian stocks closed higher today, driven largely by last minute bargain hunting in selected heavyweights, including DiGi.Com Bhd and Tenaga Nasional Bhd.

The benchmark FBM KLCI closed up 2.63 points or 0.15% at 1,719.86. Trading volume decreased to 1.64 billion shares, worth RM1.78 billion, compared with Friday’s 1.84 billion shares, worth RM2.52 billion.

Losers led gainers 548 to 343, while 377 counters traded unchanged.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI closed higher today, despite trading mostly lower in early trade, due to last minute bargain hunting in selective heavyweights.
 
“Today’s gain is also mainly due to the rally of last Friday’s crude oil prices and also a stronger ringgit against the US dollar," he told theedgemarkets.com.
 
According to Bloomberg, Brent crude oil prices were at US$63.69 per barrel as of writing, while the ringgit appreciated to 4.1155 against the US dollar.

Going forward, Leong opined gains in KLCI would be kept at the 1,730-point level, due to a lack of fresh local catalysts. On the broader market, he advised investors to look at corporate earnings.
 
Reuters reported Japan’s Nikkei share average fell on Monday in choppy trade, after a slightly stronger yen sapped investors’ risk appetite, sending stocks such as chip-related firms lower. The Nikkei dropped 0.2% to 22,495.99, while across Asia, South Korea's Kospi fell 1.44 % and Hong Kong’s Hang Seng was down 0.6%.