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 (Nov 21): The FBM KLCI fell 15.34 points or 0.9% today to close at 1,695.37 after US equities dropped overnight on Tuesday with crude oil prices amid world economic growth concerns.
Reuters reported that US stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, and retailers including Target and Kohl's sank after weak earnings and forecasts, fueling worries about economic growth.
Today, it was reported that Asian stocks slipped as intensifying concerns about global economic growth gripped financial markets, sending Wall Street shares tumbling and driving the safe haven dollar up from a two-week low.
In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com: “The KLCI was dragged down by the poor performance seen overnight in US markets, which reflects the globally weak sentiment on equities."
At 5pm, worst-hit among the 30 KLCI stocks, in percentage terms, was Axiata Group Bhd followed by Malaysia Airports Holdings Bhd. Axiata shares fell 2.56% to close at RM3.42 while Malaysia Airports dropped 2.26% to RM7.80.
Across Bursa Malaysia, 2.05 billion shares worth RM1.94 billion were traded.
Top decliners included Malaysian Pacific Industries Bhd and Fraser & Neave Holdings Bhd.
Leading gainers included British American Tobacco (M) Bhd and Batu Kawan Bhd.
Source: The Edge

Comments
Post a Comment