KLCI to extend gains, breaches 1,600-point level

KUALA LUMPUR: The FBM KLCI ended the day above the 1,600 level, thanks to gains in bank and healthcare counters.

The bellwether index closed up 3.65 points, or 0.23% to 1,601.97, its highest in two weeks. It has risen to an intraday high of 1,603.32. For the week, the index added 12.96 points.

Despite the index gains, the broader market sagged, with decliners overtaking advancers 538 to 385 while 418 counters were unchanged.

Turnover was at 2.64 billion shares valued at RM2.05bil.

In today’s session, 16 of the KLCI-component stocks closed higher while nine counters ended lower.

Dealers expect the local bourse to preserve its bullish phase over the short to medium term amid some intermittent profit-taking.

On Bursa Malaysia, Nestle was the day's top gainer, rising 90 sen to RM133.70.

Hong Leong Financial Group rose 36 sen to RM19.60, Batu Kawan added 32 sen to RM27.80 and Hong Leong Bank gained 30 sen to RM21.

Malaysian Pacific Industries, one of the top losers on Bursa Malaysia, fell 68 sen to RM31.82, Malaysia Smelting Corp lost 29 sen to RM5.14 and Kuala Lumpur Kepong eased 28 sen to RM28.

Techna-X was the most actively traded stock. The stock, which saw 138.39 million shares traded, closed unchanged at 10.5 sen.

Meanwhile, the ringgit was quoted at 4.3228, down 0.78% against the US dollar.

US light crude oil fell US$2 to US$101.79 and Brent lost US$1.96 to US$106.37 per barrel.

Elsewhere in the region, Hong Kong’s Hang Seng index fell 0.21% to 20,638.52, South Korea’s Kospi closed down 0.86% at 2,704.71, China’s CSI300 added 0.44% to 4,013.25 and Japan’s Nikkei 225 ended down 1.63% to 27,105.26.