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.
It hasn't been like this for a while but the US stocks saw a surge yesterday and rose across the board, supported by the jump in oil price while rally in Amazon.com just made S&P 500 to reach its best day in two months.
 |
| Wall Street bullish |
All three major averages closed about 1.25 percent higher in high volume trade, with the Dow up about 222 points.
S&P 500 jumped 1.25 percent to 2,084.39 while Nasdaq Composite added 1.26 percent to 4,809.88.
Amazon.com jumped 3.43 percent to a record of $703.07, giving the biggest boost to the S&P 500 and the Nasdaq.
All 10 major S&P sectors gained and seven of them were up over 1 percent, led by a 1.75 percent rise in the energy index. Oil rose over 4 percent as supply disruptions in Canada and elsewhere overshadowed fears of oversupply.
International stock markets were helped by solid corporate earnings in Europe, progress on Greek debt talks, and a new pledge by Japan that it was prepared to weaken the yen.
With first-quarter earnings reports almost all in and not quite as bad as expected, investors have become more optimistic that the profit recession that has weighed on large-cap stocks for almost a year may be losing its grip.
The proportion of companies that have raised their forecasts versus those that lowered forecasts is the healthiest it has been since 2011, according to Thomson Reuters data.
Well, let's hope the good and bullish sentiments in the US will flow over to Malaysia as Bursa open at 9am.
Comments
Post a Comment