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KLCI Rebounds on Banking Stocks as Regional Markets Rise

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KLCI,MARKET,BANKING

The FTSE Bursa Malaysia KLCI (FBM KLCI) closed higher today, driven by buying interest in banking stocks and positive regional market performance. Although the broader market remained negative, the KLCI rose 4.79 points or 0.3 percent to 1,596.20. Analyst Thong Pak Leng attributed the KLCI’s positive performance to softer-than-expected US inflation figures, fueling optimism for potential interest rate reductions.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) staged a rebound from last Friday’s losses to close higher today, underpinned by renewed buying interest in banking stocks, in line with the mostly positive regional market performance, said an analyst. At 5 pm, the market bellwether rose 4.79 points or 0.3 per cent to 1,596.20 compared to Friday’s close of 1,591.41. The index opened 2.69 points higher at 1,594.10 and moved between its intraday low of 1,592.57 and intraday high of 1,601.

90 during the morning session, before trending more steadily in the afternoon session. However, the broader market remained negative towards end of the trading, with decliners outpacing gainers 545 to 390, while 565 counters were unchanged, 933 untraded, and 19 suspended. Turnover slid to 2.37 billion units valued at RM2.04 billion from 3.38 billion units valued at RM3.76 billion last Friday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices advanced today supported by softer-than-expected US inflation figures, which fuelled optimism for potential interest rate reductions in the coming year. Nevertheless, despite today’s positive performance, the local benchmark index continues to face strong resistance, hindered by ongoing foreign selling and late-session selling capped the upside. 'The benchmark index is likely to consolidate at current levels temporarily, awaiting new catalysts for upward movement. A clear and sustained break above the 1,620-mark is necessary to regain a bullish trajectory,' he told Bernam

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