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 (Sept 13): The FBM KLCI closed up 7.35 points or 0.41% on bargain hunting and as Asian stocks rose on renewed interest in US-China trade talks.
Reuters reported that Asian shares advanced on Thursday on news the Trump administration has reached out to China for a new round of trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies. It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, a day after it hit 14-month lows.
At Bursa Malaysia, the KLCI closed at 1,792.6 after falling to its intraday low at 1,777.45. Yesterday, the KLCI fell 13.92 points.
Today, Vincent Khoo, head of research for Malaysia at UOB Kay Hian said: “I think the local market will continue to be squeezed by external sentiment." Khoo noted that the KLCI's recovery followed the direction of regional peers.
He said Malaysian markets may continue to track the movements of Mainland China and Hong Kong indices. Today, the Shanghai Stock Exchange Composite climbed 1.15% while Hong Kong's Hang Seng rose 2.54%. Elsewhere across Asia, Japan's Nikkei 225 closed up 0.96%.
Across Bursa Malaysia, 2.38 billion shares were crossed for RM2.58 billion. Top gainers included United Plantations Bhd besides KLCI-linked stocks, CIMB Group Holdings Bhd and Axiata Group Bhd.
Source: The Edge
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