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.
Wall Street Overview:
S&P 500: 5,712.20 (-1.12%)
Dow Jones: 42,454.79 (-0.31%)
Nasdaq: 17,899.01 (-2.04%)
U.S. stocks tumbled as uncertainty around President Trump's tariff plans rattled investors. The Nasdaq, S&P 500, and Dow all saw sharp declines, with tech stocks like NVIDIA and Tesla leading the losses. Trump's surprise 25% tariff on foreign-made vehicles added to the volatility. On a positive note, GameStop surged 11.8% after announcing it would hold Bitcoin reserves.
Bursa Malaysia Market Insights:
FTSE Bursa Malaysia KLCI Index: 1,518.05 (+0.29%)
Top Gainer: Gamuda (6888.MY) RM1.87 (+5.06%)
Top Loser: YTL (4677.MY) RM2.05 (-1.91%)
USD/MYR: 4.4300 (+0.01%)
Malaysian stocks edged up, with the KLCI gaining 0.29%. The market showed cautious optimism as regional markets awaited updates on U.S. trade policy. Despite global uncertainties, MIDF Research projects a 6.7% increase in FBM KLCI earnings in 2025, driven by global monetary easing, though risks remain from foreign fund outflows and regional market pressures.
IPO and Stock Focus:
CKI (5336.MY): Launching an IPO with a subscription of RM184.8 million. Shares priced at RM1.29 each, with listing set for April 30.
Stocks to Watch:
Gamuda (5398.MY): Reports a 4.8% increase in Q2 profit, hitting RM218.85 million, with revenue jumping 17.2% to RM3.9 billion. The company’s order book reaches a record RM36 billion, with domestic projects doubling to RM14 billion. Expecting to sign major contracts soon, driving future growth.
LSH (0351.MY): Secured a 20-year lease to operate Kuala Lumpur Tower and surrounding areas, effective from April 2025.
GASMSIA (5209.MY): Announced a final dividend of 10.28 sen after a 15.12% profit increase in FY2024.
NESTCON (0235.MY): Secured a RM228.3 million contract for a 49-storey condominium in Kuala Lumpur.
M&G (5078.MY): Q3 profits plummeted 80% to RM2.55 million, primarily due to reduced vessel use and asset sales.
KMLOONG (5027.MY): Q4 profit dropped 8.49%, despite a 21.4% revenue increase. Increased costs offset higher CPO prices.
UMCCA (2593.MY): Saw a 53% YoY increase in Q3 profit, driven by higher CPO and palm kernel prices.
PCHEM (5183.MY): Petronas plans to raise up to $3 billion via US dollar bonds. Profit for FY2024 fell by 31.7%.
Poll: Buy or Sell?
53%: Rise
47%: Fall (94 votes, 13 hours left)
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