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 closes lower for fourth straight day, dragged down by Top Glove and Hartalega
KUALA LUMPUR (June 26): The FBM KLCI marched into its fourth consecutive trading day of losses, bucking the trend of its regional peers, amid falls in key index-linked stocks like Top Glove Corp Bhd and Hartalega Holdings Bhd.
The benchmark index closed 1.06 points or 0.07% lower at 1,488.14, after moving between 1,483.05 and 1,495.57.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the weak market sentiment was partly due to the World Bank’s downgrading of Malaysia’s economic growth for this year to -3.1% from -0.1% estimated in April.
He told theedgemarkets.com that the short-selling ban, which is expected to be lifted on July 1, has also caused investors to take a more cautious approach as they expect the market to experience more volatility ahead.
Today’s major losers were Top Glove (down 3.87% or 60 sen at RM14.9) and Hartalega (down 1.32% or 16 sen at RM11.94).
Leong said the fall in rubber glove counters was due to rumours that a windfall tax will be imposed on the sector, as the glove industry is one of the very few sectors that benefited significantly from the Covid-19 pandemic.
Overall, market breadth was negative with 551 losers and 307 gainers, while 503 counters traded unchanged. Volume was 4.73 billion shares valued at RM2.38 billion.
Across Asia, Japan's Nikkei 225 rose 1.13% and South Korea's Kospi grew 1.05%. In China, the Hong Kong Hang Seng Index fell 0.93% while the Shanghai Stock Exchange Composite Index closed up 0.3%.
Reuters reported that Asian stock markets closed higher today, and were set to end a choppy week more or less where they began as surging coronavirus infections cast a shadow over encouraging economic data and checked hopes for a swift global recovery.
Source: The Edge
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