KLCI gains on bargain hunting, China shares; ringgit weakens
Page 1 of 1
KLCI gains on bargain hunting, China shares; ringgit weakens
KLCI gains on bargain hunting, China shares; ringgit weakens
By Chen Shaua Fui / theedgemarkets.com | September 8, 2015 : 5:46 PM MYT
KUALA LUMPUR (Sept 8): The FBM KLCI erased losses to close 4.27 points or 0.3% higher on bargain hunting, as positive China markets and recovering commodity prices supported sentiment.
The KLCI, which ended at 1,587.12 at 5pm, gained on blue chips like [size=16]YTL Corp Bhd ([You must be registered and logged in to see this image.] Valuation: 1.40, Fundamental: 1.50),SapuraKencana Petroleum Bhd ( Valuation: 1.80, Fundamental: 0.85), British American Tobacco (M) Bhd (BAT) (Valuation: 1.50, Fundamental: 1.35) and Malayan Banking Bhd (Maybank) ( Valuation: 2.25, Fundamental: 1.40).
BAT and Maybank finished among Bursa Malaysia top gainers, following the KLCI's sharp afternoon rise to an intraday high of 1,594.91. The KLCI had erased losses from a low of 1,576.96.
Jupiter Securities Sdn Bhd's chief market strategist Benny Lee said that "the local market, along with regional markets, were a little bit oversold for the past one week, hence, providing opportunity for bargain hunting."
“Palm oil, rubber and the crude oil prices, which slightly rebounded today, have boosted market sentiment,” Lee told theedgemarkets.com.
Reuters reported crude oil prices stabilised on Tuesday, as strong German economic data and a year-on-year increase in Chinese crude imports balanced concerns about Asia's economic growth and global oil oversupply. Brent oil prices traded higher at US$47.93 a barrel.
The Malaysian bourse also rose in tandem with China share markets' substantial gains. The CSI300 rose 2.6%, while Shanghai Composite added 2.9%.
Hong Kong Hang Seng rose 3.28%. Elsewhere, Japan's Nikkei 225 lost 2.43%, while South Korea’s Kospi shed 0.24%.
In Malaysia, Bursa Malaysia saw 547 gainers against 243 decliners. A total of 2.01 billion shares, worth of RM1.71 billion, were traded.
Top decliner was United Plantations Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 1.95), while the most-active counter was The Media Shoppe Bhd ( Valuation: 0.90, Fundamental: 1.65).
In currency markets, the ringgit weakened to a fresh level against the US dollar at 4.3713 earlier today. The ringgit was quoted at 4.3393 against the US dollar at the time of writing.
Lee said that the ringgit, which pared losses, had "boosted confidence" among investors.
[/size]
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics
» Market Close KLCI extends gains on bargain hunting; Ringgit weakens
» Market Close KLCI gains on bargain hunting; ringgit under pressure
» Currency Ringgit strengthens as Malaysian shares rebound on bargain hunting
» Market Preview Bargain hunting to lift KLCI but gains may be capped
» Market Close KLCI extends gains as bargain hunting continues
» Market Close KLCI gains on bargain hunting; ringgit under pressure
» Currency Ringgit strengthens as Malaysian shares rebound on bargain hunting
» Market Preview Bargain hunting to lift KLCI but gains may be capped
» Market Close KLCI extends gains as bargain hunting continues
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum