FBM KLCI up despite market weakness, Middle East tension

KUALA LUMPUR: The FBM KLCI finished higher on Friday despite a generally weak market, partly due to increased tension in the Middle East that reduced investors' appetite for risk.

The 30-stock index rose by 2.81 points, or 0.18% to 1,547.57, with 10 out of the 30 constituent counters falling into the red. For the week, the index ended 0.22% lower.

The broader market sagged, with decliners overtaking advancers 918 to 289 while 416 counters were unchanged. Traded volumes stood at 4.7 billion shares valued at RM3.4bil.

Among the gainers, Nestle jumped RM1 to RM124, United Plantations rose 40 sen to RM25.40, Chin Hin Group gained 31 sen to RM4.89 and Malaysian Pacific Industries advanced 24 sen to RM31.10.

Consumer stocks are among the decliners on Bursa Malaysia. Ajinomoto slid 50 sen to RM18.68, Dutch Lady lost 42 sen to RM32.80, Heineken fell 38 sen to RM22.40, SAM Engineering declined 27 sen to RM4.50 and Panasonic Manufacturing gave up 24 sen to RM18.64.

Meanwhile, the ringgit was quoted at 4.7850, up 0.01% against the US dollar.

Brent crude rose 27 cents to US$87.38 a barrel while US West Texas Intermediate crude was at US$83.14 per barrel, up 41 cents.

Reuters reported that oil prices jumped on Friday as reports that Israel had attacked Iran roiled markets and sparked concerns that Middle East oil supply could be disrupted.

On the external front, MSCI’s Asia ex-Japan index was lower by 1.68%.

Japan’s Nikkei 225 tumbled 2.66% to 37,068.35 while South Korea’s Kospi closed down 1.63% at 2,591.86.

Hong Kong’s Hang Seng ended 1% lower at 16,224.14, China’s CSI300 index fell 0.8% to 3,541.66 while Singapore’s Straits Times Index ended down 0.43% to 3,174.11.

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Bursa Malaysia , FBM KLCI , KLCI


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