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.
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| Wall Street Update |
Thursday morning saw Wall Street opened slightly higher with data pointing towards a better US manufacturing activity. The market however sees the upside limited by drop in oil prices.
The durable goods orders up by 4.9%, beating the estimated 2.5% as demand picked up across the board. On the other hand, crude prices drop further as global oversupply outweighed the strong U.S gasoline demand.
The investment sentiment is also impacted as fear over the impact on financial sectors increased, with banks preparing for a wave of defaults from oil and gas companies.
According to Reuters report, as at 9:37 a.m. ET (1437 GMT), the Dow Jones industrial average was up 70.06 points, or 0.42 percent, at 16,555.05.
The S&P 500 .SPX was up 7.88 points, or 0.41 percent, at 1,937.68 and the Nasdaq Composite index .IXIC was up 13.41 points, or 0.3 percent, at 4,556.01.
Eight of the 10 major S&P sectors were higher, led by a 0.57 percent rise in financials .SPSY. Banks were the biggest influence.
Jobless data, also released on Thursday, showed claims increased slightly more-than-expected to 272,000 last week, but remained below levels consistent with a tightening labor market.
Advancing issues outnumbered decliners on the NYSE by 1,908 to 702. On the Nasdaq, 1,391 issues rose and 696 fell.
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