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Monday, March 21, 2016

Market Daily Report: FBM KLCI made a U-turn to enter green

FBM KLCI closed 2.02 points higher

If you have been following the Bursa Malaysia, you would probably be disappointed almost the entire day until the closing. The FBM KLCI was basically heading south the entire day before it turns green during the closing period.

FBM KLCI rose 2.02 points or 0.1% after China's state margin lender resumed short-term loans and reduced borrowing cost for brokerages.

Investors take margin loans to invest in shares or funds.
At 5pm, the KLCI closed at 1,718.36 points. The index erased losses at the 11th hour, after falling to an intraday low at 1,707.11.
In China, the Shanghai Composite rose 2.15%, while Hong Kong's Hang Seng added 0.06%. Japanese share markets were closed for a public holiday.
Reuters reported that China financial stocks such as brokerages led indexes higher, with the CSI300 financial sub-index gaining 3.3%.
On Bursa Malaysia, 2.01 billion shares, worth RM2.05 billion, exchanged hands. Gainers outnumbered decliners at 442 to 436.
Top gainer was Nestle (M) Bhd, while Petronas Gas Bhd was the biggest decliner. Hubline was the most actively-traded stock.

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