KLCI snaps losing streak, up 2.34 points


  • Markets
  • Friday, 19 Apr 2019

KUALA LUMPUR: The local bourse snapped its three-day slide on Friday, lifted by bargain hunting activities following the past few bearish session.

At closing, the benchmark FBM KLCI closed 2.34 points firmer at 1,622.07. The index opened 0.91 of-a-point higher at 1,620.64 this morning. 

Market breadth was positive with 514 gainers and 275 losers, while 426 counters were unchanged. Volume stood at 2.52 billion units worth RM1.69bil.

In today’s session, half of the KLCI-component stocks were in the negative, 12 gainers and three counters unchanged.

Dealers said bargain hunting activities emerged on today but gains were limited as sentiment at the local market remain nervy.

At 5.50pm, the ringgit gained 0.21% to the US dollar 4.1333, rose 0.54% against the pound sterling at 5.3721, added 0.51% against the euro at 4.6472 and gained 0.4% to the Singapore dollar at 3.0492.

At Bursa, Panamy gained 30 sen to RM38, DWL rose 21 sen to RM1.31 and Heineken Malaysia advanced 20 sen to RM24.58.

Of the actives, Ekovest-WB rose 6.5 sen to 18 sen with 217.82 million shares traded. Iskandar Waterfront added 16 sen to RM1.02 while Ekovest grew eight sen to 67 sen. 

The Government has on Friday announced to reinstate the Bandar Malaysia Project that was abruptly terminated in May 2017. 

The project is expected to generate tremendous impact on urban development for Malaysia drawing foreign direct investments and generating an expected gross development value (GDV) of RM140bil.

Prime Minister Tun Dr Mahathir Mohamad said the original contractors, which is a consortium consisting of Iskandar Waterfront Holdings Bhd and China Railway Engineering Corp Sdn Bhd (IWH-CREC), have 60 days to pay the original deposit sum of RM741mil with an additional RM500mil. 

Among the key Asian markets, Japan’s Nikkei 225 close up 0.5%, China’s Shanghai Composite gained 0.63% and South Korea’s Kospi gained 0.11% but Hong Kong’s Hang Seng Index fell 0.54%. 

Markets , KLCI , Bursa