KUALA LUMPUR: After a hesitant start to 2017, Malaysia's stock market capped the first week on a strong note, underpinned by some fund buying of heavyweights and a recovery in the ringgit and stronger-than-expected trade data.
At 5pm, the KLCI was up 15.67 points or 0.94% to 1,675.49 and it was the best performer among the key regional markets. For the week, the KLCI had risen 33.73 points or 2.05% from Dec 30's close of 1,641.73.
Turnover was 1.97 billion shares valued at RM1.96bil. The broader market was firmer with 442 gainers, 403 losers and 352 counters unchanged.
The dollar clawed back ground on Friday but was heading for a second straight weekly loss, having tumbled the previous day on a rare piece of poor US data and apparent action by Chinese authorities to shore up the yuan, according to Reuters.
However, the ringgit rose 0.3% against the US dollar on the day to 4.4725 from the previous day's close of 4.4855. It rose against the Singapore dollar to 3.1187 from 3.1292.
However, it lost ground against the pound sterling to 5.5423 from 5.5092 and was lower against the Euro at 4.7398 from 4.7170.
Some research house were optimistic about the outlook for the equities market. UOB Kay Hian Malaysia Research expects Malaysian equities to be energised in 1H17 by a firmer ringgit and general election buzz.
“The FBM KLCI could stretch to the 1,750-1,800 level in 1H2017 before easing back to the 1,730 level at end-2017, as investors re-focus on Malaysia’s fuzzy long-term economic and corporate earnings trends,” it said.
Meanwhile, Malaysia's exports rebounded in November to RM72.83bil, which was an increase of 7.8% on-year, exceeding a forecast of a 2.5% increase, on higher exports of manufacturerd goods especially electrical and electronic (E&E) products.
Hap Seng Consolidated, which surged to a record intra-day high of RM9.42, retraced to end the day at RM8.90, up just one sen. The surge in the share price had prompted some traders to take money off the table.
Shell Refining rose 23 sen to RM2.43 with 3.11 million shares, however, the upside has been capped at RM1.92 which is the takeover price.
Burn-in tester KESM climbed 33 sen to RM10.16 while SAM Engineering added 26 sen to RM5.66.
As for telcos, Axiata jumped 28 sen to RM4.93 and powered the KLCI up 4.26 points and Telekom added 20 sen to RM6.21, nudging the index up 1.27 points. Maxis rose five sen ti RN6.20 and Digi one sen to RM4.91.
Among the banks, Public Bank added 14 sen to RM20, RHB Bank rose 13 sen to RM4.98, CIMB eight sen to RM4.74 and Maybank six sen to RM8.25 while AmBank edged up four sen to RM4.36.
Crude palm oil for third month delivery fell RM26 to RM3,070 per tonne. As for plantations, United Plantations rose 42 sen to RM27.38 with 1,100 shares done, PPB Group and KL Kepong added 10 sen each to RM16.10 and RM24.12 while IOI Corp gained six sen to RM4.50. Heavyweight Sime Darby rose two sen to RM8.55.
Tenaga rose 10 sen to RM13.94, Genting Malaysia was up nine sen to RM4.73 and Genting Bhd
eight sen to RM8.15 but MISC fell six sen to RM7.44.
Among the consumer stocks, BAT added 30 sen to RM45.30 and Heineken gained 16 sen to RM16.36. Dutch Lady fell 38 sen to RM54.82.
US light crude oil rose 18 cents to US$53.94 and Brent gained 19 cents to US$57.08. Petronas Dagangan added six sen to RM23.82, Petronas Chemical three sen higher at RM7.23 and Petronas Gas was flat at RM21.50.
Among the key regional markets,
Japan’s Nikkei 225 fell 0.34% to 19,454.33;
Hong Kong’s Hang Seng Index added 0.21% to 22,503.01;
CSI 300 fell 0.6% to 3,347.67;
Shanghai’s Composite Index fell 0.35% to 3,154.32;
Hang Seng China Enterprise rose 0.13% to 9,611.05;
Taiwan’s Taiex climbed 0.15% to 9,372.22;
South Korea’s Kospi edged up 0.35% to 2,049.12 and
Singapore’s Straits Times Index was up 0.29% to 2,962.63.
Spot gold fell US$1.68 to US$1,178.43.
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