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 (June 27): Malaysian stocks extended their loss for the third consecutive day, dragged by telecommunication stocks and in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region.
The key FBM KLCI finished 9.78 points or 0.58% lower at 1,666.08 points today.
The benchmark index was also dragged lower by a decline in blue-chip stock Malayan Banking Bhd, whose market value dropped below the RM100 billion mark to RM96.08 billion at closing bell. The counter closed at RM8.68, down 32 sen or 3.56%.
According to Hong Leong Investment Bank Research analyst Loui Low Ley Yee, the imminent downward pricing of broadband packages that could intensify competition among telco players remained a concern for investors.
Shares in Telekom Malaysia Bhd (down 1.63% to RM3.01), Maxis Bhd (down 3.47% to RM5.29), Axiata Bhd (down 0.98% to RM4.05) and DiGi.Com Bhd (down 1.93% to RM4.07) closed lower today.
"While we do not yet know the full amount implicated in the US-China trade war, a slowdown in production may affect intermediary supply chains such as Malaysia," Low told theedgemarkets.com.
The market traded in a range of 1,666.08 to 1,681.44 throughout the day. Trading volume increased to 2.01 billion shares worth RM1.99 billion compared with yesterday's 1.88 billion shares worth RM1.93 billion.
Across Bursa Malaysia, decliners led gainers by 558 counters against 278.
Regionally, Japan's Nikkei closed down 0.3%, South Korea's Kospi was down 0.38%, Hong Kong's Hang Seng fell 1.8% and Singapore shares closed 0.8% lower.
Source: The Edge
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