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.
Just this morning, Malaysians were greeted with a good news,
the oil rally of 6% and it already feels like it’s gonna be a good day for the
market.
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| FBM KLCI closed marginally higher while Asian stocks dropped |
Well, it did, at least for a start but as at 5pm, FBM KLCI
closed at 1,677.28 points on profit taking after reaching an intraday high at
1,685.88.
In the Asia region, Japan's Nikkei 225 fell 0.37%, South Korea's
Kospi dropped 0.11%, while Hong Kong's Hang Seng down to 0.25%.
The oil rally on Monday that had boosted global equity
markets made a U-turn. US front-month West Texas Intermediate (WTI) crude
futures were trading at US$32.72 per barrel at 0753 GMT, down 67 US cents from
Monday's settlement.
International benchmark Brent was also down 61 US cents at
US$34.08 a barrel.
On Monday, we have seen oil prices jumped to as much as 7%
as there are speculations over the falling US shale output fed the notion that
crude prices may be bottoming after their 20-month collapse.
In Europe, Euro and sterling were hit by uncertainty over Britain's membership of the European Union.
The top gainer was Panasonic Manufacturing Malaysia Bhd while the leading decliners included Nestle (M) Bhd and Cycle & Carriage Bintang Bhd. The most active stock was APFT Bhd.

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