BURSA Malaysia ended on a higher note today, erasing yesterday’s losses amid better global equity and futures performances.
At the close today, the benchmark index, FTSE Bursa Malaysia KLCI (FBM KLCI), increased 19.19 points to 1,597.58 compared with yesterday’s close of 1,578.39.
The market opened 3.92 points higher at 1,582.31 and moved between 1,582.31 and 1,600.20 throughout the day.
Gainers led losers 653 to 496, while 640 counters were unchanged, 387 untraded and 24 others suspended.
Total volume stood at 8.93 billion shares worth RM4.22 bil compared with yesterday’s 8.36 billion shares worth RM4.28 bil.
Meanwhile, the rubber market continued to close lower today, dragged down by concerns over the economic risks due to COVID-19, despite vaccine optimism coupled with a stronger ringgit against the US dollar.
The number of COVID-19 cases continued to be grim, stoking fears of a fresh downturn for the world economy and heaping pressure on central banks and governments to lay aside other concerns and do more to spur demand, a dealer said.
“Hopes are mounting that the vaccines will become available as soon as in December, but widespread delivery will take months and infections are rising again in many large economies,” he said.
Nevertheless, he said, further losses were capped by gains in the regional rubber futures markets and a recovery in oil prices.
“Oil rose for a fourth straight day today, shrugging off an industry report showing a higher-than-unexpected rise in US crude stockpiles and extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand,” he added.
As of 5pm, the benchmark Brent crude oil price increased by 1.09% to US$48.38 per barrel.
The Malaysian Rubber Board’s (MRB) reference physical price for SMR 20 decreased two sen to 640 sen per kilogramme (kg) while latex-in-bulk dropped by 4.5 sen to 576.0 sen per kg.
