BURSA MALAYSIA BREACHES 1,600 POINTS ON FIRST TRADING DAY OF 2020 (SCREEN)

NIAM SEET WEI

KUALA LUMPUR, Jan 2 -- Bursa Malaysia concluded the first trading day of the decade on a firm footing by breaching 1,600 points in line with most of its regional peers, revelling in the afterglow of the People’s Bank of China's (PBOC) reserve requirement ratio (RRR) cut. 

AxiTrader chief Asia market strategist Stephen Innes said the positive performance in the regional markets, including Bursa Malaysia, was also buoyed by the development in the United States (US)-China trade deal, after the US President Donald Trump tweeted that he would sign the Phase One deal with China on Jan 15, 2020.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded 13.74 points, or 0.87 per cent, to close at 1,602.50 from Tuesday's close of 1,588.76.

The market was closed on Wednesday for the New Year’s celebration.

After opening at 1,590.98, the key index hovered between 1,590.98 and 1,603.72 throughout the day.