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 (Aug 28): The FBM KLCI continued with its strong momentum with sentiment further lifted by external optimism on news of the United States-Mexico trade deal.
The key index ended the day up 15.30 points or 0.84% to a new three-month high of 1,826.90.
On the broader market, decliners led gainers by 512 to 350, with 473 counters traded unchanged. About 2.57 billion shares worth RM2.29 billion were traded.
TA Securities technical analyst Stephen Soo said the market's rise was supported by buying in selected stocks such as Nestle (M) Bhd, which closed 70 sen higher, and Daiman Development Bhd, which closed up 65 sen.
Soo said the market will eventually come to a consensus regarding the US-Mexico trade deal, given that this would put China at a disadvantage.
"[News of the trade deal] has lifted US equities to a record high, but I believe the market is currently overshooting. So I believe a correction is due to more realistic levels," he told theedgemarkets.com.
Across the region, Japan's Nikkei breached 23,000 on the trade deal announcement before shedding most gains on profit taking, but still ending the day at its highest close since mid-June. The Nikkei closed the up 0.1% at 22,813.47.
China's Shanghai Stock Exchange Composite closed 0.1% lower at 2,777.98, while Hong Kong's Hang Seng closed higher by 0.28% at 28,351.62.
Source: The Edge
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