KUALA LUMPUR: Key Asian markets surged on Wednesday, propelled by China stocks as investors expect some positive policy moves, with the FBM KLCI riding on the coat tails of the surge as it neared the critical 1,700 level, underpinned by strong foreign buying.
Foreign funds were net buyers at RM350mil while local institutions were net sellers at -RM286.52mil and retail investors net sellers also at -RM63.51mil.
China stocks had their best day in four months, jumping over 4 %, as investors piled into real estate and resources shares, encouraged by tentative signs of recovery in the property market, Reuters reported.
Investors shrugged off news that rating agency Moody's cut its China outlook to "negative" from "stable", as the market awaits policy cues from China's annual meeting of top legislatures that starts March 5.
The ringgit firmed up against the US dollar to 4.1670 from the previous close of 4.1693 while it slipped against the pound sterling to 5.8134 from 5.8132 and eked out some gains against the Singapore dollar to 2.9705 from 2.9736.
At Bursa Malaysia, AirAsia continued to attract heavy trading activity with 75.6 million shares done, adding six sen to RM1.63. AirAsia X
edged up one sen to 27.5 sen. Even APFT, a flight education and training service provider, got a much needed lift, up one sen to seven sen.
Maxis was the biggest mover among the KLCI stocks, up 22 sen to RM6.42 and adding 2.82 points to the KLCI. Digi rose 15 sen to RM5.08 and added 1.99 points while Axiata and Telekom gained two sen each to RM6 and RM6.63.
Public Bank rose 12 sen toRM18.64, Maybank 11 sen to RM8.75, CIMB eight sen to RM4.65, RHB Cap and Hong Leong Bank six sen each to RM5.46 and RM13.16 while AmBank added five sen to RM4.52.
US light crude oil fell 51 cents to US$33.89 and Brent was down 23 cents to US$36.58. However, Petronas Gas added 32 sen to RM22.34, Petronas Chemicals 10 sen to RM6.90, Petronas Dagangan two sen to RM25 while SK Petro climbed eight sen to RM2.05.
Crude palm oil for third-month delivery fell RM39 to RM2,496 on reports the stronger ringgit could hurt its competitiveness. Sime Darby added 20 sen to RM7.90 and pushed the KLCI up 2.16 points, PPB Group eight sen to RM16.18, IOI Corp seven sen to RM4.78 but KL Kepong shed two sen to RM23.88.
BAT was the top gainer, up 74 sen to RM57.58.
Tenaga rose six sen to RM13.22 and MISC 15 sen to RM8.90. Genting Bhd advanced 17 sen to RM8.39 and Genting Malaysia flat at RM4.31.
Among the key regional markets,
Japan’s Nikkei 225 surged 4.11% to 16,746.55;
Hong Kong’s Hang Seng Index jumped 3.07% to 20,003.49;
CSI 300 rose 4.12% to 3,051.33;
Shanghai’s Composite Index added 4.26% to 2,849.68;
Shenzhen Composite rose 4.7% to 1,760.58;
Hang Seng China Enterprise added 3.79% to 8,374.09;
Taiwan’s Taiex eked out 0.69% to 8,544.05;
South Korea’s Kospi gained 1.6% to 1,947.42; and
Singapore’s Straits Times Index climbed 1.7% to 2,727.93.
Spot gold fell US$3.29 to 1,228.86.
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