KLCI crosses 1,600-level; broad selling across Bursa Malaysia

KUALA LUMPUR: Last-minute buying interest on Bursa Malaysia sent the FBM KLCI higher, crossing the 1,600-level on Thursday.

At 5pm, the 30-stock FBM KLCI advanced 10.98 points, or 0.69% to 1,602.95, its intra-day high. The index opened 2.44 points weaker at 1,589.53 this morning.

However, overall market sentiment remained cautious with 889 losers outpacing 360 gainers and 403 counters which traded unchanged. Turnover stood at 6.51 billion shares worth RM5.02bil.

KLCI-component stocks were overwhelmingly in the positive, with 21 gainers, eight decliners and one counters unchanged.

Reuters reported that US Treasury bonds had suffered their steepest selloff in months after Democratic Party victories in two races in the state of Georgia handed them narrow control of the Senate and the power to pass their agenda.

US S&P 500 futures rose 0.6% and Nasdaq 100 futures rose 0.9%.

Top gainers on Bursa Malaysia included Nestle, which added RM1.50 to RM139.50, Petronas Dagangan rose 62 sen to RM21.30, MPI gained 54 sen to RM24.74 and PPB Group added 50 sen to RM19.10.

The decliners included Heineken, Dutch Lady, BAT and Toyo Ventures.

Among the banks, Maybank rose four sen to RM8.28, Public Bank climbed six sen to RM20.40, CIMB shed two sen to RM4.14, RHB Bank fell six sen to RM5.42 and Hong Leong Bank jumped 16 sen to RM18.

Meanwhile, the ringgit weakened against the US dollar. The ringgit was quoted at 4.0335 against the US dollar.

US West Texas Intermediate (WTI) crude oil rose 37 cents to US$51 per barrel while international benchmark Brent crude oil futures were up 30 cents at US$54.60 per barrel.

The regional markets finished broadly higher on Thursday with Nikkei 225 was up 1.6% to 27,490.13, China’s Shanghai Composite gained 0.71% to 3,576.21, Hong Kong’s Hang Seng shed 0.52% to 27,548.52 while South Korea’s Kospi index added 2.14 % to 3,031.68.

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