KLCI ends 13.85 points higher, first rise after ten days of losses

KLCI ends 13.85 points higher, first rise after ten days of losses
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KUALA LUMPUR (Feb 4): The FBM KLCI closed 13.85 points or 0.91% higher at 1,535.80 today, to mark its first rise after ten consecutive trading days of losses
 
Today, broad-based buying was seen across Bursa Malaysia on bargain hunting, after local shares were beaten down, amid China Wuhan coronavirus outbreak concerns. Malaysian shares could have also tracked global equity gains today.
 
At 5pm, the KLCI closed up at 1,535.80 after rising to its intraday high at 1,542.59. The KLCI ended higher today after ten consecutive trading days of losses since Jan 20, when the index closed down at 1,588.88.

Today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com: “The recovery seen in the KLCI and global indexes today was mainly due to bargain-hunting activities among investors [after the sell-down on virus fears].

Across Bursa, 3.05 billion shares worth RM2.56 billion were traded. Top gainers included Heineken Malaysia Bhd, Petronas Gas Bhd and Fraser & Neave Holdings Bhd.

Top decliners included Public Bank Bhd, Panasonic Manufacturing Malaysia Bhd and AirAsia Group Bhd.

AirAsia Group, which closed down 13 sen or 10.16% at RM1.15, also ended among Bursa's most active stocks. AirAsia Group saw 135 million shares traded.

Global shares rose. Reuters reported Asian stocks bounced on Tuesday, with Chinese markets reversing some of their previous plunge amid official efforts to calm virus fears, although investor sentiment remained fragile with oil near 13-month lows.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5%, led by gains in South Korea and Australia, after US stocks ended higher in Monday overnight trades.

"U.S. stocks rallied on Monday, boosted by heavyweight technology shares and on surprise strength in U.S. manufacturing activity, following a sharp selloff last week on concerns about the economic impact from the fast-spreading coronavirus out of China," Reuters said.