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Friday, August 2, 2013

FBM KLCI - higher on technical rebound

Stocks on Bursa Malaysia ended firmer yesterday in line with most regional bourses, driven by bargain hunting on beaten down stocks in selected heavyweights following a substantial decline the day before. A string of positive news helped uplift the FBM KLCI after trading in the red since Monday. Prime Minister Datuk Seri Najib Tun Razak said the government is looking at various policy options to strengthen the country’s fiscal and macro position. This came after Fitch Ratings revised Malaysia’s sovereign credit rating outlook from stable to negative while affirming the country’s long-term foreign and local currency at ‘A-‘ and ‘A’ respectively. The FBM KLCI finished 5.20 points or 0.29% higher at 1,777.82 after hovering between 1,782.72 and 1,766.70 throughout the day. Gainers thumped losers 537 to 233 with 290 counters unchanged. Total volume declined to 1.458 billion shares valued at RM2.129 billion, from 1.918 billion shares valued at RM3.056 billion on Wednesday. ...Read more>>

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