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 16): The FBM KLCI rose 0.72% for a third consecutive day of gains amid continued expectations of slowing trade tensions between the US and China ahead of the G20 meeting later this month.
The benchmark index trailed overnight gains at Wall Street to open higher today, and stayed flat in the green before closing up 12.17 points at 1,706.38.
Reuters reported that Asian shares had started firm after reports the US might pause on further China tariffs gave Wall Street a fillip, but a near 17% plunge in Nvidia's stock tempered the mood.
Across Bursa Malaysia, gainers led decliners by 450 counters against 345, whereas 390 counters traded unchanged. Some 1.85 billion shares worth RM1.89 billion exchanged hands.
An analyst at AmInvest Research attributed the market-wide gain to "short-term optimism based on global market movements and news on international trade".
"People are expecting [US president Donald] Trump and [China president] Xi Jinping to iron [out] some of the trade concerns in the G20 Summit in Argentina," said the analyst.
"China is a heavyweight for Asian shares, whereas the development over at Brexit is more isolated towards the EU," the analyst added.
Elsewhere in Asia, Hong Kong's Hang Seng Index rose 0.31%, South Korea's Kospi gained 0.21% and the Shanghai Stock Exchange Composite jumped 0.41%.
In Malaysia, gainers were led by KLCI component stock Nestle (M) Bhd, Apex Healthcare Bhd and Fraser & Neave Holdings Bhd. British American Tobacco (M) Bhd led decliners, followed by Panasonic Manufacturing Malaysia Bhd and KESM Industries Bhd.
Source: The Edge
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