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.
At 5pm, the KLCI settled at 1,774.22 points. Investors bargain hunted for local shares after the index fell 4.6 points to 1,771.62 points yesterday.
Today, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com : “Overall market sentiment is still mixed, but the [KLCI] likely recouped its losses from yesterday due to its reaction to the earnings season.”
Malaysia's April-June quarter corporate financial-reporting season starts in July, although most companies report their earnings in August.
Today, Bursa Malaysia saw 392 gainers compared with 364 decliners. A total of 1.77 billion shares valued at RM1.89 billion were traded.
Top gainer was KESM Industries Bhd while Mlabs Systems Bhd was the top-active counter. Pong said penny stocks' performance was a good barometer for retail investors' sentiment.
Across Asian share markets, Japan’s Nikkei 225 fell 0.05% while Hong Kong’s Hang Seng rose 0.91%. South Korea's Kospi added 0.44%.
Reuters reported that Asian shares rose on Tuesday after modest gains on Wall Street, while robust metals prices underpinned some regional markets even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week.
Source: The Edge
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