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FBM KLCI rises as recovery play gains momentum
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KUALA LUMPUR (March 5): Bursa Malaysia ended the morning session mixed, with the key index rising 0.24%, lifted by selected heavyweights including banking stocks after Bank Negara Malaysia (BNM) decided to maintain the overnight policy rate (OPR) at 1.75% yesterday.
At 12.30pm, the benchmark FBM KLCI had increased 3.81 points to 1,585.07 from yesterday’s close at 1,581,26.
The index moved between 1,579.74 and 1,587.97 throughout the morning trading session.
Market breadth was negative with losers outpacing gainers 642 to 393, while 416 counters were unchanged, 704 untraded and nine others suspended.
Total volume stood at 4.6 billion units worth RM2.61 billion.
In a note earlier today, Malacca Securities Sdn Bhd said it expects the local bourse to continue to consolidate further as market players are likely to adopt a more cautious tone in the broader market.
KUALA LUMPUR (March 4): The FBM KLCI closed down 7.19 points or 0.45% today tracking the negative performance of Asian equities after an overnight surge in bond yields again dragged shares on Wall Street.
At 5pm, the benchmark index closed at 1,581.26 points. Today, the index had mostly traded in negative territory, ranging between 1,577.39 and 1,590.46 compared with yesterday’s closing of 1,588.45.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the weakness in the local bourse performance today was in line with regional markets after Wall Street dropped yesterday due to rising Treasury yield.
The rising yield has sparked investors concerns that this may prompt central banks to raise ultra-low interest rates, which is bad for the equity market.
KUALA LUMPUR (March 3): The FBM KLCI mirrored regional peers’ performance to close higher by 1.18% or 18.58 points, as bargain hunters made a comeback for rubber glove-linked stocks after their shares price slumped due to developments on the Covid-19 vaccines.
At 5pm, the benchmark index closed at 1,588.45 points after trading between 1,568.67 and 1,583.43. KLCI constituents Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega were among blue-chips that powered the benchmark index today.
Supermax rose 55 sen or 13.38% to close at RM4.66, Hartalega added 44 sen or 4.68% at RM9.85, while Top Glove climbed 34 sen or 7.16% to RM5.09. They were among Bursa’s top gainers by value today.
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