KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
Crude oil price seems to have recover and stabilize.
To a certain extend, this was in line with what we thought on December 13th in regards to the oil near bottom.
While I'm blogging this, the crude oil price (WTI) is at USD56.13 while the crude oil (brent) is at USD60.73 per barrel. It has dropped a bit but we personally feel that the oil price will not see any more sharp decrease.
The market probably feels the same way as FBM KLCI climbed 28.06 points or 1.64% as investors bought beaten blue-chip stocks.
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| FBM KLCI climbed 28.06 points (1.64%) today |
However, caution must be taken as there are analysts that feel that the crude oil (brent) might fall below USD60 per barrel, but we're quite close to that mark already anyway.
The top gainers for today are Petronas Gas Bhd and consumers counters like Dutch Lady and Nestle. The top decliners are Icon and Hong Leong Bank Bhd.
Regionally, Japan's Nikkei 225 and Hong Kong's Hang Seng Index both rose 0.08% and 1.26% higher.
It has been a good day for the FBM KLCI but caution should be taken for tomorrow's trade as the oil price showed some decline movement....things are still very volatile so it'll be difficult to see a strong rally towards 2015.

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