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 24): The FBM KLCI pared losses to close one point or 0.1% lower today as the ringgit strengthened ahead of Bank Negara Malaysia's interest rate decision tomorrow (Jan 25). Analysts said anticipation of Malaysia's 14th general election (GE14) this year could have also dictated market sentiment.
At 5pm today, the KLCI closed at 1,837.04 points after stooping to its intraday low at 1,834.49 points. The ringgit appreciated to its strongest level against the US dollar today at 3.9118. Over the last one year, the exchange rate was between 3.9118 and 4.4618.
Tomorrow, Bank Negara's monetary policy committee (MPC) is scheduled to decide on the country's overnight policy rate (OPR). Bank Negara's MPC had during its latest meeting on Nov 9, 2017 decided to maintain the OPR at 3%.
Today, GE14 expectation could have led to cautious market sentiment. "There's a general cautious tone in the market today as investors may still be waiting for the announcement of the date for the next GE," Kenanga Investment Bank Bhd analyst Lawrence Yeo told theedgemarkets.com.
Across Bursa Malaysia, 3.36 billion shares worth RM2.43 billion were traded. The top decliner was Petronas Gas Bhd followed by Hartalega Holdings Bhd.
Petronas Gas fell 46 sen to RM17.70 with 294,900 shares traded.
Source: The Edge

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