Bursa Malaysia rebounds amid political uncertainty

KUALA LUMPUR: Bursa Malaysia rebounded 0.15% on Wednesday, snapping its losing streak as the wait for a new prime minister dragged on.

Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah will consult the heads of other royal houses in a special meeting on Thursday to discuss the impasse in the formation of a federal government.

At 5pm, the FBM KLCI closed up 2.21 points, or 0.15% to 1,446.50, its intraday high boosted by gains in PETRONAS-linked stocks.

In the wider market, winners and losers were closely balanced, with 388 gainers against 382 losers and 418 that were flat. Traded volume stood at 2.7 billion shares valued at RM1.63bil.

Dealers said investor sentiment remained fragile amid political uncertainty in Malaysia.

Malaysian Pacific Industries Bhd (MPI) was the top gainer, rising 80 sen to RM27.60, followed by newly listed ECA Integrated, which rose 58.5 sen to 75.5 sen and Nestle, which added 40 sen to RM130.10.

Hextar Technologies shed 54 sen to RM12.32, Dutch Lady fell 20 sen to RM31 and Hong Leong Industries eased 18 sen to RM9.11.

Meanwhile, the ringgit appreciated 0.1% at 4.5745 against the US dollar.

Regional markets closed higher today. Hong Kong’s Hang Seng rose 0.57% to settle at 17,523.81, while China’s Shanghai Composite was up 0.26% to 3,096.91. South Korea’s Kospi also rose 0.53% to 2,418.01.

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Bursa Malaysia , FBM KLCI , KLCI


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