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.
Market Daily Report: KLCI down 5.55 points amid India-Pakistan tension, US-China trade talk uncertainty
KUALA LUMPUR (Feb 27): The FBM KLCI closed 5.55 points or 0.32% lower today at 1,713.45 after the India-Pakistan geopolitical tension hit world stock markets and as US-China trade talk uncertainty affected sentiment.
Reuters reported that Asian shares and Wall Street stock futures turned negative on Wednesday after Pakistan said it had shot down two Indian jets in its territory, sending investors out of riskier markets and into more conservative choices such as the yen. It was reported that Islamabad said on Wednesday it had carried out airstrikes in Indian-controlled Kashmir and shot down two Indian jets in its own airspace, capturing one of the pilots as the risk of conflict between the nuclear-armed neighbours escalates.
It was reported that Indian bonds, stocks and the rupee all sold off. The flare up in geopolitical risks hit broader sentiment, driving investors out of stocks and into safe-haven assets with US stock futures slipping and the Japanese yen gaining.
As global investors took cue from the India-Pakistan geopolitical tension, they were still mindful of the uncertainty from US-China trade talks. In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that "uncertainty from US-China trade talks is still present".
Across Bursa Malaysia today, 2.19 billion shares with a value of RM2.07 billion were traded.
Top decliners included British American Tobacco (M) Bhd, Nestle (M) Bhd and Hong Leong Financial Group Bhd.
Source: The Edge
Top decliners included British American Tobacco (M) Bhd, Nestle (M) Bhd and Hong Leong Financial Group Bhd.
Source: The Edge
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