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 8): Malaysian stocks closed higher for second straight day today as foreign investors continued to buy into market.
The benchmark FBM KLCI ended 6.54 points or 0.38% higher at 1,721.42 points, led by telecommunication stocks. The gain also mirror the moves globally after Wall Street's overnight rally.
According to Inter-Pacific Securities research head Pong Teng Siew, foreign buying helped propped up the local stock market, as well as gains in Maxis Bhd, DiGi.com Bhd and Axiata Group Bhd.
Additionally, Pong said the recovery in oil prices has helped the market. Brent crude futures rose 0.42% to US$72.37 per barrel at the time of writing.
Shares of Maxis closed 11 sen or 2.04% higher at RM5.51 for a market capitalisation of RM43.07 billion, while DiGi closed up six sen or 1.35% at RM4.50, valuing it at RM34.99 billion.
Axiata, on the other hand, closed two sen or 0.56% higher at RM3.62, bringing its market capitalisation of RM32.84 billion.
Trading volume decreased to 2.28 billion shares worth RM2.29 billion compared with yesterday's 2.32 billion shares worth RM2.5 billion. Gainers led losers by 475 to 357, while 361 counters remained unchanged.
Reuters reported that Asian stocks scaled a one-month peak on Thursday, after investors drove a Wall Street rally on relief the US midterm elections delivered no major political surprises, while the dollar bounced and pulled away from two-and-a-half-week low.
Across Asia, Japan's Nikkei 225 grew 1.82%, South Korea's Kospi rose 0.67% while Hong Kong’s Hang Seng was up 0.31%.
Source: The Edge
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