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.
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US stocks were mixed as investors brace for inflation data that could solidify bets for another Federal Reserve interest-rate hike.
The tech-heavy Nasdaq 100 fell for the fifth time in six sessions as traders considered another rate hike in May. The S&P 500 fluctuated between gains and losses, while the yield on policy-sensitive two-year Treasuries remained stable at roughly 4%.
Cracks are forming in 2023's equity advance, as hedge funds and other speculators amass the largest short position since November 2011, when the US sovereign credit rating was downgraded. Inflation data will be released on Wednesday, and banks will begin what is expected to be the worst earnings season since the pandemic's depths on Friday.
Despite recent financial difficulties, the Federal Reserve appears to be on pace to keep hiking rates, with solid job markets and rising oil prices swaying officials focused on their price-stability mandate.
Although US payrolls rose at a solid pace last month and the unemployment rate fell, markets are pricing in a significant possibility that the Fed will boost borrowing by a quarter-point on May 3 to manage inflation. Wednesday's consumer price report, which is projected to show a 0.4% monthly increase in the core consumer price index, could solidify the Fed's rate path.
A scenario in which the Fed stops raising interest rates in May, which markets briefly contemplated last month as bank instability heightened recession fears, appears increasingly implausible.
Furthermore, the International Monetary Fund cut its global growth predictions, citing recent banking sector turbulence as well as Russia's invasion of Ukraine. Bitcoin gained for the fourth day in a row, breaking through the $30,000 barrier for the first time in ten months.
Oil prices fluctuated, with West Texas Intermediate trading at $80 per barrel after falling below. Gold was somewhat higher, hovering about $2,000 per ounce.
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