Malaysian Stock Market Rebounds On Last-Minute Buying

KUALA LUMPUR, Jan 15 (Bernama) -- The Malaysian stock market (Bursa Malaysia) rebounded from earlier losses to close higher Tuesday on last-minute buying in the wake of improved market sentiment following China’s stimulus announcement, dealers said. At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.26 points to finish at an intraday high of 1,679.42 against Monday's close of 1,676.16. The key index, which fluctuated in red territory most of the time with an intraday low of 1,672.55, recovering 10 minutes before closing. On the broader market, gainers outnumbered losers 413 to 374, while 357 counters were unchanged, 731 untraded and 32 others suspended. Total volume widened to 2.40 billion shares worth RM1.87 billion from Monday’s 2.18 billion shares valued at RM1.42 billion. Speaking to Bernama, a dealer said the local bourse bucked the regional trend earlier but reversed its pattern after China announced plans to boost its economy by implementing a package of measures, which include a cut to value-added tax rates for selected industries. The Ministry of Finance has also pledged to provide tax rebates for other industries, he said. “This announcement is positively welcomed as it helps restore investors confidence over China’s growth outlook, thus diminishing fears about a global slowdown,” he pointed out. Among heavyweights, Maybank and Tenaga eased two sen each to RM9.41 and RM13.84, Petronas Chemicals erased eight sen to RM8.27, while IHH Healthcare was flat at RM5.70. Public Bank, however, rose 28 sen to RM24.98 and CIMB bagged two sen to RM5.67. Other actives, Tatt Giap and Sapura Energy slipped one sen each to 13.5 sen and 29.5 sen, respectively. Seacera gained two sen to 25 sen, FGV advanced 11 sen to 93 sen, while Perisai was flat at half-a-sen. Bursa Malaysia Leap Market debutant Uni Wall App Holdings Bhd (UniWall), which secured a premium of four sen at the opening bell, closed six sen higher at 22 sen from its offer price of 16 sen. -- BERNAMA