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 (Aug 8): The FBM KLCI rose 3.74 points or 0.2% as gains in big capitalisation stocks like Malayan Banking Bhd (Maybank) supported the local share market.
At 5pm, the KLCI closed at 1,781.65 points. Maybank shares added 10 sen to RM9.80 to become Bursa Malaysia's sixth-largest gainer and 10th most-active stock.
“(On the KLCI) institutional investors are still buying in, despite the much lower volume this week. The fundamentals are still strong, investors are just avoiding overvalued counters at the moment,” an analyst told theedgemarkets.com.
The analyst said investors might be switching to safe havens from small and mid-capitalisation companies, as investors digested the news on 1Malaysia Development Bhd's financials.
Across Bursa Malaysia, 2.09 billion shares valued at RM2.26 billion changed hands. Decliners outpaced gainers at 541 against 280 respectively.
The KLCI erased losses after falling on news China's July export and import growth were below market forecast. Reuters reported that China's July exports rose 7.2 percent from a year earlier, while imports grew 11 percent, both well below analysts' forecasts, official data showed on Tuesday.
Analysts polled by Reuters had expected July shipments from the world's largest exporter to have risen 10.9 percent, easing slightly from 11.3 percent growth in June. Imports had been expected to have climbed 16.6 percent, after rising 17.2 percent in June.
Source: The Edge
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