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 (Oct 15): The FBM KLCI closed two points or 0.12% lower after Asian equities declined on US-China trade dispute and US interest rate hike concerns.
At 5pm, the KLCI closed at 1,728.74 points. In China, the Shanghai Stock Exchange Composite dropped 1.49% while Hong Kong’s Hang Seng fell 1.38%.
Elsewhere across Asia, Japan’s Nikkei 225 declined 1.87% while South Korea’s Kospi fell 0.77%.
In Malaysia, JF Apex Securities Bhd head of research Lee Chung Cheng said it was an uneventful day for the KLCI. Lee said investors had probably taken a wait-and-see stance in anticipation of greater policy clarity, against a background of various external factors.
“Things are rather flat today. This might be due to investors holding back their positions ahead of the (tabling of the half-term review of the) 11th Malaysia Plan and the upcoming Budget announcement.
“We expect the index to be volatile in the near term, due to external issues like the US rate hike, for example, and also internal factors like policy uncertainty,” he said.
According to news reports, the tabling of the 11th Malaysia Plan's half-term review is on Thursday (Oct 18) while the Budget 2019 announcement is on Nov 2.
Today, Bursa Malaysia top decliners included KESM Industries Bhd and Heineken Malaysia Bhd while leading gainers included Nestle (M) Bhd and British American Tobacco (M) Bhd.
Asian shares fell. Reuters reported that Asian shares slipped on Monday as worries over Sino-US trade disputes, a possible slowdown in the Chinese economy and higher US borrowing costs tempered optimism despite a rebound in global equities late last week.
Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over the disappearance of a journalist critical of its policies.
Source: The Edge
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