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Market Daily Report: Bursa Malaysia Rebounds To Reclaim 1,700 Level At Close

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.
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Market Daily Report: KLCI up 10.06 points as market cheers Malaysia's post-GE14 reforms




KUALA LUMPUR (May 16): The FBM KLCI rose 10.06 points or 0.5% today as investors cheered and evaluated the progress of reforms in Malaysia after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election (GE14) last Wednesday.

Today, the KLCI closed at 1,858.26 following news that jailed former Deputy Prime Minister Datuk Seri Anwar Ibrahim was granted a full pardon. Investors could have also responded to Dr Mahathir's statement that Malaysia is committed to pay any debt linked to 1Malaysia Development Bhd, if the debt has been guaranteed by the government.

Malaysia's GST also made headlines today. The Finance Ministry said it will reduce the GST rate from 6% to 0% effective June 1 this year. In a statement, the Ministry said it has decided that goods and services within Malaysia and those imported from abroad, which incur GST of 6%, will see the rate reduced to 0% from June 1 this year throughout the country.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the KLCI gained as selling pressure from foreign investors appeared to have ended.

“Expectation on the removal of the GST shall see stronger consumer spending,” Pong said.
Across Bursa Malaysia, three billion shares worth RM2.91 billion were traded. Top gainers included consumer stocks Dutch Lady Milk Industries Bhd and Nestle (M) Bhd.


Source: The Edge
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