KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Chinese stocks have experienced a dramatic turnaround, with the CSI 300 Index surging 6.5% on Monday, marking its largest single-day gain since 2015. This rally extends a nine-day streak, pushing the index into a bull market after recovering more than 20% from its lows in mid-September. The gains come after the index had lost over 45% of its value from a 2021 high through mid-September.
The rally follows significant government stimulus measures, including the easing of housing market rules in three of China’s largest cities, mortgage rate cuts, and liquidity support for the stock market. These actions, announced last week, also included interest rate cuts and freeing up cash for banks, signaling a comprehensive effort to revive the beaten-down market.
Investor sentiment has surged, with turnover on the Shanghai and Shenzhen stock exchanges exceeding one trillion yuan ($143 billion) within just 30 minutes of trading on Monday. Analysts are optimistic about the market’s momentum, with Charu Chanana, a global markets strategist at Saxo Markets, noting, “The pace of the turnaround is clearly reflective of how oversold the market was.”
Brokerages led the charge, with Citic Securities Co. reaching the 10% daily upside limit. Almost all component stocks of the CSI 300 were in the green, further fueling optimism that the market's rally could be sustainable, particularly as hedge funds shift their focus from US technology stocks to mining and materials firms.
David Chao, strategist at Invesco Asset Management, remarked, “The euphoric surge... could turn into something more concrete and sustainable because there appears to be a complete policy shift” that may finally address the challenges of the past three years.
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