Higher close on buying support

KUALA LUMPUR: The FBM KLCI ended firmer today on mild window dressing activities and on the back of follow-through interest.

Gains on index-linked counters pushed the market barometer FBM KLCI to close higher by 2.53 points to 1,619.68. The benchmark index opened 1.33 points higher at 1,618.48. The market traded within a range of 5.97 points between an intra-day high of 1,622.66 and a low of 1,616.69 during the day.

Losers trounced gainers 375 to 333 while 336 counters were unchanged. Turnover was at 1.092 billion shares valued at RM1.028bil.

Dealers said with only a couple of trading days remaining before the end of 2016, big caps such as banking stocks, consumer could gain on window-dressing activities.

Gainers in the FBM KLCI component stocks were led by Sime Darby, which contributed 0.4471 points to the index, MISC contributed 0.3668 to the index while IOI Corp lifted the index by 0.3186. Sime Darby closed 4 sen higher to RM8.07, MISC rose 5 sen to RM7.28 while IOI closed 3 sen higher at RM4.39.

Meanwhile, laggards in the KLCI component stocks were led by Maxis, which dragged the index down by 0.4937 points. Tenaga Nasional dragged the index down by 0.3716 points while Petronas Chemicals dragged the index down by 0.2630 points.

Among the top gainers at Bursa Malaysia, British American Tobacco added 56 sen to RM43.06 while Hap Seng Consolidated gained 52 sen to RM8.70. The decliners included Nestle, TAHPS and Box-Pak.

Oil prices gain ahead of expected output cuts starting Jan 1, 2017. International benchmark Brent crude oil prices were trading at US$55.24 per barrel, down 8 cents.

US West Texas Intermediate (WTI) crude was up 24 cents at US$53.26 a barrel.

Elsewhere in the region, Japan’s Nikkei Stock Average added 0.03%, the Shanghai Composite Index fell 0.25%, South Korea’s Kospi rose 0.22% and Singapore’s Straits Times Index added 0.51%.