Slow day for Bursa as trading volume dwindles ahead of CNY – Business News


KUALA LUMPUR: Bursa Malaysia ended Wednesday on a quiet note as trading dwindled below two billion shares ahead of the Chinese New Year holdidays which begin on Friday.

Trading on Thursday is only for half a day with most punters and traders away for the holidays.

At 5pm, the FBM KLCI was up 1.91 points or 0.1% to 1,834.93. Turnover fell to 1.93 billion shares valued at RM1.98bil. There were 580 gainers, 338 losers and 376 counters unchanged.

Hong Kong stocks rebounded 2.27% to 30,515 on Wednesday, with the benchmark Hang Seng Index posting its biggest one-day percentage rise since May 2016, Reuters reported. 

China’s main Shanghai Composite index closed up 0.46% at 3,199.4757. Mainland markets are closed from Feb. 15-21 for the holiday. 

The ringgit rose 0.45% to the US dollar at 3.9215 and advanced 0.03% to the pound sterling at 5.4568 wgile it gained 0.13% to the Singapore dollar 2.9744. However, it slipped 0.06% to the euro to 4.8569.

Consumer stocks were among the top gainers, with Nestle gaining 50 sen to RM117.30, Dutch Lady  38 sen to RM63.68, Carlsberg 18 sen to RM16.66 and F&N 16 sen to RM29.98.

Glove makers were also higher led by Hartalega, up 44 sen to RM11.78, Top Glove 22 sen to RM9.47 and Kossan 20 sen to RM8.70.

Southern Steel led steel stocks higher after its strong earnings and as analysts were upbeat about the steel stocks. It endd the day up 28 sen to RM2.28.

Malaysia Airports, which hit a turbulence on Tuesday, manaaged to recoup part of the previous day’s losses to end up 17 sen to RM8.57.

US light crude oil fell 53 cents to US$58.66 and Brent was down 41 cents to US$62.31 on rising curde oil supplies.

Petronas Chemical pushed the KLCI up 1.42 points and it was the biggest mover when it closed up 10 sen to RM8.08. Petronas Dagangan rose two sen to RM25.05 but Petronas Gas lost 30 sen to RM17.50.

Hibiscus jumped 13 sen to 90 sen and it was the most active on news about higher oil production.

Among the banks, Hong Leong Bank advanced 20 sen to RM18.20, CIMB gained six sen to RM6.96, RHB Bank six sen to RM5.20, AmBank five sen to RM4.48, Public Bank and Maybank two sen higher to RM22.04 and RM10.12.

Crude palm oil for third month delivery fell RM13 to RM2,502 per tonne.

As for plantations, Sime Plantations fell 18 sen to RM5.40 and wiped out 2.18 points from the KLCI, KL Kepong lost six sen toRM25.22, IOI Corp added one sen to RM4.71, PPB Group six sen higher at RM17.50.

Sime Darby lost three sen to RM2.65 and Sime Property two sen lower at RM1.43.

Read more : thestar

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