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Market Daily Report: Bursa Malaysia Rebounds To Reclaim 1,700 Level At Close

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.
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Market Daily Report: KLCI falls as Thursday's buying seen overdone



KUALA LUMPUR (Nov 1): The FBM KLCI closed 4.64 points or 0.29% lower at 1,593.34 today on profit taking after yesterday's substantial rise on buying which analysts deemed overdone due to the absence of fresh catalysts.

Today, Rakuten Trade Sdn Bhd head of research Kenny Yee said the decline in the KLCI was “expected”, given that “buying was overdone” yesterday.

Yee told theedgemarkets.com today there were no new catalysts to support yesterday’s buying of KLCI-linked shares.

Yesterday, the KLCI closed up 17.98 points or 1.14% at 1,597.98 as Malaysian stocks tracked Asian share gains after the US cut interest rates on Wednesday.

Across Bursa Malaysia today, 2.79 billion shares worth RM1.64 billion were traded. Top decliners included Public Bank Bhd, Pharmaniaga Bhd and Gamuda Bhd.

Yee was also mindful of the ringgit's strength today amid an inflow of foreign funds into Malaysian assets ahead of Bank Negara Malaysia's (BNM) interest rate decision on Tuesday (Nov 5).

Yee said today should BNM maintain the overnight policy rate on Tuesday following the US rate cut, the market may see a further inflow of foreign funds into Malaysian assets.

“We are seeing more foreign funds flowing in as we see ringgit strengthening over the last two days,” said Yee. At the time of writing, the ringgit appreciated to 4.1648 against the US dollar.


Source: The Edge
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