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.
KUALA LUMPUR (Jan 3): The FBM KLCI fell 6.2 points or 0.4% as investors took profit in stocks like Axiata Group Bhd and Malayan Banking Bhd (Maybank), following 2016 year-end window-dressing gains.
At 5pm today, the KLCI closed at 1,635.53 points. Axiata dropped 20 sen to RM4.52, while Maybank fell 19 sen to RM8.01.
KLCI-linked Axiata and Maybank were Bursa Malaysia's seventh and eighth-largest decliners, respectively. Across Bursa Malaysia, 1.67 billion shares worth RM1.07 billion were exchanged.
“The KLCI is seeing a correction after last week’s window-dressing gains," Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com.
"Blue-chip counters like Maybank and Axiata were pushed at the last minute last week, so now, it’s coming back down again,” Wong said.
In currency markets today, the ringgit weakened to a fresh one-year level against a strengthening U.S. dollar at 4.4940. At 4:54pm, the exchange rate stood at 4.4938.
The ringgit is contending against a strengthening U.S. dollar, in anticipation of U.S. interest rate hikes in 2017.
In Malaysia, Wong said the exchange rate was stabilising at between 4.4800 and 4.4900.
“The ringgit seems to be stabilising at the current level. It has decoupled from crude oil prices over the past few months and when this relationship resurfaces, the ringgit will be seen as undervalued,” he said.
Source: The Edge
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