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 (Feb 17): The FBM KLCI retreated 7.34 points or 0.48% to close at 1,537.12 today, as global investors weighed the spectre of recession in Japan and Singapore amid persisting concerns over the 2019 novel coronavirus disease (Covid-19) outbreak.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI's fall today was due to weaker-than-expected Japan economic data. Japan's Nikkei 225 closed down 0.69%.
Reuters, citing Japan government data, reported Japan's economy contracted at an annualised pace of 6.3% in October-December, shrinking at the fastest pace since the second quarter of 2014. It was reported that the preliminary reading for the fourth-quarter gross domestic product was much worse than economists' median estimate of a 3.7% contraction in a Reuters poll.
"Trade-dependent Singapore downgraded its 2020 economic growth forecast and is set to unveil measures to cushion the blow from the epidemic on Tuesday. Singapore Prime Minister Lee Hsien Loong said on Friday that a recession was a possibility," Reuters reported.
Across Bursa Malaysia today, the bourse saw 2.91 billion shares, worth RM1.9 billion, traded. Top decliners included Tenaga Nasional Bhd, Top Glove Corp Bhd and Maxis Bhd.
Notable stocks included Icon Offshore Bhd. Icon's share price closed down six sen or 25.53% at 17.5 sen, among most-active stocks, after plunging in afternoon trade.
Earlier today, Icon shares hit limit up after surging as much as 30 sen or 127.66% to 53.5 sen in morning trade, following Bursa’s decision to uplift the offshore support vessel provider's designated securities status today.
The designated securities status was intended to mitigate excessive speculation observed in the trading of Icon securities, according to Bursa.
Source: The Edge
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