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.
The good news is that the stocks continue to edge up with S&P 500 closes 1.80 higher to 2,090.57, a record high.
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| S&P 500 edge up slightly despite oil price slump and Greece concern |
This happened even as there is a flight to safety triggered by a sell-off in Greek bonds, while crude oil prices tumbled after a short-lived bounce. Stocks in Athens plunged as much as 11.3 percent before closing down 3.9 percent, while yields on 10-year Greek bonds touched their highest since September 2013.
On the other hand, the EURO touched the lowest in nearly 29 months against the U.S. dollar.
As for Dow Jones, there is an average down of 15.48 pts to 18,038.23 while the Nasdaq composite added 0.05 points to 4,806.91.
As for the oil, the slump continues with Brent crude futures fell 2.4 percent to $58 per barrel after hitting a high of $60.43. U.S. crude lost 1.9 percent to $53.72 a barrel.
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| Crude oil continues to drop |
It is worth to take note that each time the oil market tries to pick itself up, there is another wave of selling. The market concerns on the oversupply will stay for quite a while, even as we move into 2015.
Before the Bursa opens today, it's worth to take note that each time there is a sharp drop in the oil prices, the stock market in Malaysia follow suit. Cautious trading is expected....
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