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 8): The FBM KLCI rose 13.64 points or 0.76% on what appeared to be foreign investor demand for Malaysian stocks. At 5pm, the KLCI closed at its intraday high at 1,804.73 points.
A senior analyst at local investment bank told theedgemarkets.com that foreign investors had been net buyers of Malaysian stocks for three consecutive trading days since Friday.
The analyst said : "After the (Malaysian) general election, foreign investors had generally been net sellers. But as the stocks took a plunge even though some of them have their fundamentals still intact, the valuations emerge as attractive for foreigners to engage in 'bargain hunting' as they say it," he said.
Across Bursa Malaysia today, 2.77 billion shares worth RM2.71 billion changed hands. Top gainers included Hengyuan Refining Co Bhd, ABM Fujiya Bhd and Axiata Group Bhd.
ABM Fujiya shares neared limit up after the stock jumped by as much as 29.5 sen to 74 sen during intraday trades. At 5pm, ABM Fujiya closed at 66 sen with 953,200 shares traded.
Source: The Edge
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