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 (June 17): The FBM KLCI closed 8.61 points or 0.57% higher today at 1,526.32 after erasing losses along with other Asian stock indices. World stocks ended higher as economic recovery anticipations offset Covid-19 outbreak revival concerns.
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Victor Wan old theedgemarkets.com that the reopening of the economy served as an impetus for local stocks.
“It gives a bit of hope that some sort of normalcy is returning,” Wan said.
Globally, it was reported that Chinese blue chips recovered from an early dip to finish steady following a robust session on Wall Street overnight during which the Dow ended yesterday up 2.04%, while the S&P 500 gained 1.9% and the Nasdaq was up by 1.75%.
"Hopes for recovery had been bolstered by the data showing US retail sales data jumped by a record 17.7% in May, recovering more than half the losses in the previous two months, though industrial output still lagged. The Trump administration was also reportedly preparing an up-to-US$1 trillion (RM4.28 trillion) infrastructure package, something that was initially promised more than three years ago," Reuters reported.
Across Bursa Malaysia today, 7.55 billion shares worth RM3.82 billion were traded. Gainers led decliners by 563 to 439.
Among the KLCI's 30 constituents, Genting Malaysia Bhd and Genting Bhd's share prices closed up as top percentage gainers. Genting Malaysia settled 14 sen or 5.38% higher at RM2.74, while Genting Bhd rose 17 sen or 3.93% to RM4.50.
Wan said Genting Malaysia and Genting Bhd's share price rises could be due to anticipations that the group's casino resort operations will be reopened soon.
Genting Malaysia's resorts were closed due to Malaysia's movement control order (MCO) to curb the spread of the Covid-19 pandemic.
Yesterday, Genting Malaysia announced that its Resorts World Kijal and Resorts World Langkawi will reopen tomorrow. However, Resorts World Genting and Resorts World Awana would remain closed until further notice, Genting Malaysia said in a statement on its website.
Source: The Edge
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