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 (March 12): The FBM KLCI rose 17.3 points or 0.9% as global investors cheered the US' latest employment data, which had also eased concerns about US inflation and the pace of interest rate hikes there.
Reuters reported that inflation worries faded after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed after a spike in January. The pullback in wages tempered speculation the Federal Reserve would project four rate hikes — or dot plots — at its policy meeting next week, instead of the current three.
At Bursa Malaysia today, the KLCI ended at its intraday high at 1,861.22. Across Asian stock markets, Japan's Nikkei 225 rose 1.65%, South Korea's Kospi increased 1% while Hong Kong's Hang Seng was 1.93% higher.
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “Generally, the trading mood is very positive, consumer stocks have done best.” He pointed to Bursa Malaysia top gainer Nestle (M) Bhd shares which hit a fresh high today.
KLCI-linked Nestle shares rose RM5.50 to close at RM150.50 after the stock climbed to its fresh intraday high at RM150.80. Affin Hwang Investment Bank Bhd analyst Tan Jun Zhang said: “The share price movement is mainly driven by passive funds where they buy Nestle to track the index (KLCI)."
At 5pm, Bursa Malaysia top gainers included Petronas Gas Bhd and Petronas Dagangan Bhd. Hengyuan Refining Co Bhd led the decliners' list.
Source: The Edge
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