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 (March 13): The FBM KLCI closed down 74.68 points or 5.26% at 1,344.75 today after broad-based selling across Bursa Malaysia, as concerns over the Covid-19 pandemic and Russia-Saudi Arabia crude oil price war led to a substantial drop in global markets.
Such sentiment hit world equity and crude oil markets as investors weighed the economic impact of the Covid-19 outbreak and as the crude oil price war led to concerns of additional supply of the commodity.
UOB senior economist Alvin Liew and rates strategist Victor Young wrote in a note today that global policymakers are expected to respond to the challenge amid uncertainties over both the magnitude and duration of the growth shock.
"Therefore, monetary policy settings will be highly accommodative for the rest of 2020 in order to stave off liquidity breakdowns during periods of elevated market stress as well as to provide a base for the eventual recovery,” Liew and Young said.
Source: The Edge
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