FBM KLCI Rebounds Amid Asian Market Downturn

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FBM KLCI,Malaysian Stock Market,Asian Markets

The Kuala Lumpur Composite Index (KLCI) rallied despite a weak start, defying the regional trend of declining markets. The index increased in value, driven by gains in blue-chip stocks and a positive overall market sentiment.

The FBM KLCI demonstrated resilience, rebounding after an initially weak start. This positive performance reinforces expectations of a year-end rally within the remaining two trading days of the year. As of 12:30 pm, the benchmark index had surged 4.52 points to 1,632.66, fluctuating within a nine-point range of 1,624.92 to 1,633.54. The local market defied the downward trend observed in most Asian markets, which were affected by elevated US Treasury yields. Japan's Nikkei experienced a 0.

9% decline to 39.914, Hong Kong's Hang Seng dipped 0.57% to 19.976, and China's composite index slid 0.9% to 3,397. On Bursa Malaysia, the secondary market mirrored the upward momentum of the blue-chip companies, resulting in a total of 471 gainers compared to 447 decliners. However, trading activity remained subdued due to the holiday season, with 1.54 billion shares changing hands for a value of RM987.43 million. Nestle spearheaded the market's advance, soaring RM2.02 to RM99.04. YTL Power climbed seven sen to RM4.36, and Maybank gained eight sen to RM10.18. PETRONAS Chemicals added six sen to RM5.07, while recent KLCI entrant 99 Speed Mart rose three sen to RM2.50. Among actively traded stocks, Vanzo remained unchanged at 20 sen, JCY increased one sen to 58 sen, and Supermax gained four sen to RM1.32

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