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Bursa Malaysia higher after China's fresh economic stimulus announcement

KUALA LUMPUR: Bursa Malaysia started the day on a positive note, following China's announcement of fresh stimulus to boost high qaulity economic development.

At 9:32 a.m., the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.26 per cent, gaining 4.39 points to reach 1,674.76, compared to Tuesday's closing figure of 1,670.37.

In the broader market, there were 407 gainers compared to 266 losers, while 418 counters remained unchanged.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng the FBM KLCI closed positively but remains stuck in a consolidation mode.

"As such, we reckon the index needs to break the 1,680 mark decisively to resume its challenge towards the 1,700 mark," he said.

Thong said the strengthening of the ringgit could be a key driver for the influx of foreign capital, aligning with the expanding spread between the 10-year Malaysian Government Securities (MGS) and 10-year bonds, which is currently about 50 basis points.

"We expect the index to hover within the 1,670-1,680 range today," he added.

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