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FBM KLCI rebounds on late buying to end higher as broader market falls

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Bursa Malaysia,FBM KLCI,Closing

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KUALA LUMPUR: Bursa Malaysia’s benchmark index rebounded on late buying to finish higher after falling into negative territory at midday amid dampened sentiment in the regional markets stemming from weaker United States consumer confidence data.

However, market breadth was negative at the close, with decliners outnumbering gainers by 790 to 397, while 473 counters were unchanged, 857 untraded and 18 suspended. This decline marked the largest fall since August 2021 and prompted a more defensive stance from investors, as worries grew about the potential for another Federal Reserve rate cut in November 2024, he told Bernama.

"The momentum from Wall Street, combined with sustained foreign fund inflows driven by expectations of further rate cuts, should provide support for the local market,” he said. As for the active counters, Top Glove Corp weakened 10 sen to 99 sen, VS Industry lost six sen to RM1.05, Globetronics Technology garnered 2.5 sen to 73.5 sen, 99 Speed Mart Retail inched up three sen to RM2.19, and MY EG Services was flat at 90 sen.

The Main Market volume surged to 2.11 billion units worth RM3.02 billion from Tuesday's 1.57 billion units worth RM2.79 billion.

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