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 9): The FBM KLCI closed 5.2 points or 0.3% lower due to profit taking after gaining for four consecutive trading days.
At 5pm today, the KLCI closed at 1,826.95 points. The index erased gains after rising to its intraday high at 1,840.35 points.
“It isn’t a massive sell down. I consider this to be light profit taking. I think the market will come back,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.
Over the past week, the KLCI closed higher at 1,782.70 points on Jan 2 before climbing to 1,832.15 points yesterday (Jan 8).
Today, Bursa Malaysia saw 6.48 billion shares worth RM4.41 billion traded. Notable decliners included AMMB Holdings Bhd after the stock fell 20 sen to RM4.48 to become the ninth-largest decliner.
Leading gainer was Supermax Corp Bhd after the stock rose 23 sen to RM2.31. Supermax shares rose after Affin Hwang Investment Bank Bhd upgraded its call on Supermax shares to buy from hold.
Affin Hwang analyst Ng Chi Hoong wrote in a note today Affin Hwang also raised its Supermax target price to RM3.10 from RM2.10.
Source: The Edge
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