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 (June 20): The FBM KLCI fell 8.19 points or 0.5% , weighed down by blue-chip stocks like Maxis Bhd and Petronas Gas Bhd.
At 5pm, the KLCI closed at 1,780.71 points. Maxis shares fell 26 sen to RM5.62 while Petronas Gas dropped 22 sen to RM18.66.
Maxis and Petronas Gas were Bursa Malaysia's fourth and sixth-largest decliners respectively.
“The KLCI’s decline was driven by losses sustained by some of the blue-chip stocks, including Maxis," Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.
Maxis shares fell after the mobile telecommunication network provider said it was placing out 300 million new shares to investors. Petronas Gas shares dropped as crude oil prices fell.
Reuters reported that oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.
US West Texas Intermediate crude futures were down three cents at US$44.17 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at US$44.20 per barrel, the lowest close since Nov. 14.
In Malaysia today, Bursa Malaysia saw 1.81 billion shares worth RM2.18 billion traded. Decliners beat gainers at 493 against 303 respectively.
Malayan Banking Bhd (Maybank) was among Bursa Malaysia's most-active stocks. Maybank shares rose one sen to RM9.64 with some 24 million units traded.
According to Inter-Pacific Securities remisier Sam Ng, Maybank drew interest from fund managers as investors might be reorganising their blue-chip portfolios.
“In my view, the stock (Maybank) is still undervalued, so the attractiveness is there,” Ng told theedgemarkets.com.
Source: The Edge
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