KLCI hits 1,700 mark in year-end rally

KUALA LUMPUR: Window-dressing activities in the last day of the calendar year returned the FBM KLCI above the 1,700-point mark even as sentiment improved over the outlook for 2019.

The rally on the local market also coincided with a positive turn on global markets. On Saturday, US President Donald Trump said a conversation he had with Chinese President Xi Jinping saw "bg progress being made", giving investors more reason to look forward to a trade deal.

Shanghai's composite Index was up 0.4% while Hong Kong's Hang Seng jumped 1.3%. Japan's Nikkei was closed for New Year's Eve.

At 12.30pm, the FBM KLCI was up 8.32 points to 1,700.39. Turnover was 795.32 million shares valued at RM449.3ml. There were 390 gainers versus 222 decliners and 307 counters unchanged.

Tenaga Nasional was responsible for most of the gains seen in the morning session, rising 28 sen to RM13.84. 

This was followed by Sime Darby Plantation climbing nine sen to RM4.87 and Petronas Gas gaining 26 sen to RM19.26.

Declining stocks included Maxis falling four sen to RM5.42, CIMB dropping two sen to RM5.76 and Petronas Chemicals shedding two sen to RM9.30.

Among top active counters in the morning, Sapura Energy rose one sen to 29.5 sen, Destini fell 0.5 sen to 22 sen and MyEG gained one sen to 98.5 sen.

Scientex was in the spotlight in morning trade, falling 37 sen to RM8.78 as its first quarter earnings disappointed.

In oil markets, prices rose in tandem with equity markets on the last trading day of the year although they were on track for their first yearly decline in three years.

US crude rose 53 cents to US$45.86 a barrel while Brent crude gained 66 cents to US$53.87 a barrel. 

In currencies, the ringgit was 0.4% higher than the US dollar at 4.1380. It was also 0.2% higher against the pound sterling at 5.35 and 0.3% stronger against the Singapore at 3.0318.