KLCI rebounds after 10 consecutive days of losses

KLCI rebounds after 10 consecutive days of losses
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KUALA LUMPUR (Oct 3): The FBM KLCI rose 4.89 points or 0.3% with Asian shares after US equities closed at record highs overnight.

At Bursa Malaysia today, the KLCI closed at 1,759.67 points, the first rise after 10 consecutive days of losses. Across Asian share markets, Japan's Nikkei 225 rose 1.05% while Hong Kong’s Hang Seng gained 2.25%.

Mainland China markets are closed from last Sunday (Oct 1) till this Sunday (Oct 8) for the Mid-Autumn Festival and National Day holidays, according to the Shanghai Stock Exchange website.

South Korean markets are also closed this week. The Korea Exchange website shows that South Korean markets, which are closed from Monday (Oct 2) to Friday (Oct 6) for Chuseok Day, will remain closed this Monday (Oct 9) for Hangeul Day.

In Malaysia today, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com: “I suspect there was a pause in foreign selling activity and due to the stronger US manufacturing number which is helping the market to rebound today."

Reuters reported that MSCI's 47-country 'All-World' index which contains more than 2,400 firms was pushed to the fresh peak as Europe's main bourses added to gains made in Asia and after Wall Street set its own record close again overnight.

It was reported that US stocks started the fourth quarter on a strong note on Monday, with all three major indexes hitting record high closes as data pointed to underlying strength in the economy. A measure of US manufacturing activity surged to a near 13½-year high in September.

Across Bursa Malaysia today, 2.17 billion shares worth RM2.07 billion changed hands. There were 388 gainers versus 379 decliners.

Top gainer Petron Malaysia Refining & Marketing Bhd added 58 sen to RM11.02 with some two million shares traded.