KLCI ends higher on 11th hour bargain hunting


12 July 2019

Source: The Edge Financial Daily

 

KUALA LUMPUR: The FBM KLCI rebounded to close in positive territory yesterday on bargain hunting at the eleventh hour.

The benchmark index recovered from its intraday low of 1,674.70 in the afternoon session, before settling at 1,679.26 for a gain of 0.29 points or 0.02% from Wednesday.

Inter-Pacific Securities Head of Research Pong Teng Siewsaid the US Federal Reserve’s (Fed) suggestive rate cuts may have provided a positive backdrop for investors looking to get back in the market.

“It is the last-minute bargain hunting that helped push the index up,” Pong told theedgemarkets.com.

Top gainers among index-linked stocks included Dialog Group Bhd and Maxis Bhd, which rose 2.66% and 1.77% respectively.

Pong pointed out that the overall market breadth was positive with more gainers than losers at 501 versus 329. Total volume was also higher at 3.18 billion shares worth RM2.21 billion

Most actively-traded stocks were energy-related, including KNM Group Bhd, Sapura Energy Bhd and Bumi Armada Bhd, which together accounted for nearly one-fifth of the total market turnover.

The gains on the local market was in line with other Asian markets, which cheered the dovish views of Fed chairman Jerome Powell, who reinforced prospects for a US interest rate cut later this month. — by Tan Xue Ying