KUALA LUMPUR: Continuous buying by funds and gains on heavyweights helped propel the benchmark FBM KLCI index higher on Tuesday.
The FBM KLCI added 5.69 points, or 0.32%, to close at 1,798.15 on strong interest in Genting Group stocks as well banking stocks. The market traded within a range of 5.53 points between an intra-day high of 1,797.20 and a low of 1,791.67 during the session.
Market breadth was negative with 554 gainers, 376 losers and 365 counters unchanged on the Bursa Malaysia. Turnover was at over three billion shares valued at RM2.15bil.
Dealers said the positive performance on the local bourse tracked overnight gains on Wall Street and in line with the strong regional market.
US markets rallied overnight after Canada joined the US and Mexico in a trade deal to replace NAFTA. The Dow Jones Industrial Average rose 192.90 points to 26,651.21 while the S&P 500 gained 0.4% to 2,924.43.
Gainers in the FBM KLCI component stocks were led by Genting, which contributed 1.181 points to the index. Genting Malaysia pushed the index up by 1.171 points, Petronas Chemicals (PetChem) nudged the index higher by 1.004 points.
Genting rose 17 sen to RM7.94, Genting Malaysia advanced 11 sen to RM5.05 while PetChem gained seven sen to RM9.48.
Maybank and CIMB added three sen each to RM9.74 and RM6.04 respectively.
Laggards in the KLCI component stocks were led by Hartalega
, Telekom Malaysia and Hong Leong Financial Group.
Elsewhere in the region, Japan’s Nikkei edged up to new 27-year high as weaker yen fans earnings hopes. The Nikkei 225 rose 0.1% to 24,270.62, hovering at levels not seen since November 1991.
South Korea’s Kospi index ended down 29.31 points or 1.25% at 2,309.57, marking its biggest percentage loss since August 13.
However, Hong Kong’s main Hang Seng index closed at a two-week low on Tuesday. The Hang Seng index was down 662.14 points, or 2.38%, at 27,126.38 while the Hang Seng China Enterprises index fell 2.39% to 10,754.56.
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