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: Profit-taking sends KLCI to intraday low, Bursa volume slips below 10b securities
KUALA LUMPUR (Nov 19): The FBM KLCI closed down 21.07 points or 1.31% at its intraday low at 1,583.68 today, while trading volume across Bursa Malaysia slipped below 10 billion securities as the rising number of global Covid-19 cases checked vaccine-driven market optimism.
At 5pm, 9.53 billion securities were traded for RM4.48 billion across Bursa.
"The local market should pause for a profit-taking breather following the recent rally due to economic recovery plays, which will be healthy to check extreme overbought momentum and excessive gains,” TA Securities Holdings Bhd analysts wrote in a note earlier today.
Rakuten Trade Sdn Bhd head of research Kenny Yee told theedgemarkets.com today that the weakness in the KLCI was due to the sell-down in banking and rubber glove counters.Yee said: "The sell pressure seen in banking stocks was due to profit-taking activities as their share prices have surged beyond some research houses' target prices following the recent rise."
Bursa’s trading volume today dropped to 9.53 billion securities worth RM4.48 billion from yesterday’s 14.41 billion securities valued at RM5.08 billion.
Today, Bursa’s financial services index was the top percentage decliner, after the gauge closed down 2.49% as constituents Hong Leong Bank Bhd and Public Bank Bhd, which are also KLCI stocks, ended among Bursa top decliners.
Hong Leong Bank’s share price fell 98 sen or 5.51% to RM16.80, while Public Bank dropped 68 sen or 3.57% to RM18.38.
Top gainers included EITA Resources Bhd and Samaiden Group Bhd after both companies' share prices closed at their intraday high.
Leading gainer EITA rose 40 sen or 29.41% to RM1.76 after the company announced its planned bonus issue of new shares and free warrants.
Samaiden hit limit up after its share price climbed 30 sen or 31.25% to RM1.26.
Globally, CNBC reported that Asia-Pacific markets traded mixed today as traders grappled with optimism around a potential coronavirus vaccine and economic worries.
It was reported that the session in Asia followed US stocks falling for a second straight day, pausing a recent rally to new records.
“It was a consolidative day for financial markets, which are caught in the crosscurrent of vaccine optimism and near-term economic weakness,” CNBC quoted Daniel Been, head of foreign-exchange and G3 research at ANZ as saying.
Source: The Edge
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