FBM KLCI closes higher on firmer ringgit

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KUALA LUMPUR (March 11): The FBM KLCI gained 0.49% or 8.71 points to close at 1,786.87 today, aided by a rebound in the ringgit and moving in tandem with the uptrend in regional bourses.

"The ringgit seems to have found firmer footing against the US dollar today, and at the same time foreign institutions have slowed down their selling activities, which is why we are seeing some rebound," Jupiter Securities chartist Benny Lee told theedgemarkets.com.

Lee said for the short term, the market was still going through a correction. He expects the support and resistance levels for the FBM KLCI to be at 1,780 and 1,800 respectively.

The ringgit was trading at 3.6880 against the US dollar, at 5pm compared with 3.6972 yesterday.

Some 2.95 billion shares worth some RM2.2 billion were traded on Bursa today. Market breadth was positive with 537 gainers against 313 gainers, while 310 counters were unchanged.

Leading the gainers was British American Tobacco (Malaysia) Bhd while Danainfra Nasional Bhd led the decliners. The top active stock was ETI Tech Corp Bhd.

Across the region, South Korea’s Kospi fell 0.52%, while Hong Kong’s Hang Seng closed 0.34% higher.

According to Bloomberg, Asian stocks rallied from a one-month low, while South Korean bonds climbed after the central bank unexpectedly cut interest rates.