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 worst start to the year just got crazier as global bear markets looks to worsen.
And the US stock market's decline continued as well. The stock markets closed lower on Thursday but way better off than their lows, as investors digested a massive global sell-off, falling oil prices, and chatter about a possible OPEC production cut.
The Dow briefly fell 400 points in afternoon trading as Boeing and Goldman Sachs weighed the most on the blue chips index before rebounding to close 254 points lower than previous closed. The rebound was due to a report that energy minister of the United Arab Emirates on Sky News Arabia saying OPEC members were ready to cooperate on a production cut. Suhail bin Mohammed al-Mazrouei also said low prices were already forcing non-OPEC members to cap production.
The S&P 500 dropped 1.23 percent as financials fell. The financial sector was on track for its first five-day losing streak since August. At session lows, S&P briefly broke below its Jan. 20 intraday low of 1,812.29 when it hit 1,810.01
The Nasdaq composite also dropped by 0.39%.
Overseas markets fell sharply on Thursday, as Chinese H shares falling about 5 percent, while the pan-European STOXX 600 closed 3.68 percent as banks in the region plunged On Wednesday, European banks soared, momentarily halting a massive plunge.
European markets were also surprised by the Swedish central bank cutting rates further into negative territory.
The sell-off in global equities sent traditional safe havens surging.
Gold futures for April delivery settled $53.20 to trade at $1,247.80, while U.S. 10-year note yields traded at 1.61 percent. The benchmark note yield also went below 1.55 percent momentarily.
Investors also kept an eye on falling oil prices, as WTI futures hit their lowest levels since 2003. U.S. crude closed down 4.5 percent, or $1.24, at $26.21 a barrel, before paring losses in after-hours trading. WTI prices have fallen sharply but have experienced several volatile sessions.
And the US stock market's decline continued as well. The stock markets closed lower on Thursday but way better off than their lows, as investors digested a massive global sell-off, falling oil prices, and chatter about a possible OPEC production cut.
The Dow briefly fell 400 points in afternoon trading as Boeing and Goldman Sachs weighed the most on the blue chips index before rebounding to close 254 points lower than previous closed. The rebound was due to a report that energy minister of the United Arab Emirates on Sky News Arabia saying OPEC members were ready to cooperate on a production cut. Suhail bin Mohammed al-Mazrouei also said low prices were already forcing non-OPEC members to cap production.
The S&P 500 dropped 1.23 percent as financials fell. The financial sector was on track for its first five-day losing streak since August. At session lows, S&P briefly broke below its Jan. 20 intraday low of 1,812.29 when it hit 1,810.01
The Nasdaq composite also dropped by 0.39%.
Overseas markets fell sharply on Thursday, as Chinese H shares falling about 5 percent, while the pan-European STOXX 600 closed 3.68 percent as banks in the region plunged On Wednesday, European banks soared, momentarily halting a massive plunge.
European markets were also surprised by the Swedish central bank cutting rates further into negative territory.
The sell-off in global equities sent traditional safe havens surging.
Gold futures for April delivery settled $53.20 to trade at $1,247.80, while U.S. 10-year note yields traded at 1.61 percent. The benchmark note yield also went below 1.55 percent momentarily.
Investors also kept an eye on falling oil prices, as WTI futures hit their lowest levels since 2003. U.S. crude closed down 4.5 percent, or $1.24, at $26.21 a barrel, before paring losses in after-hours trading. WTI prices have fallen sharply but have experienced several volatile sessions.
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