KUALA LUMPUR: The FBM KLCI climbed for a third day, to its highest in almost seven years, while the ringgit crossed the psychologically crucial RM4 per US dollar level.
At 5pm, the 30-stock index was up 2.85 points, or 0.17% to 1,719.99, its highest since February 2019. For the week, the benchmark index gained 0.42%.
There were 514 gainers, 568 losers and 598 counters traded unchanged on the Bursa Malaysia. Turnover stood at 3.4 billion shares valued at RM3.5bil.
Dealers said trading was relatively measured, with gains capped by selective profit-taking, even as foreign participation continued to support the market.
They added that investors remained focused on fundamentally strong counters amid expectations of stable domestic economic conditions.
The ringgit surged 0.85% to 4.0048 against the US dollar, its highest level since January 2021, extending gains after Bank Negara Malaysia held the Overnight Policy Rate (OPR) unchanged at 2.75% on Thursday.
The local currency briefly strengthened below the RM4 mark to 3.9992 against the greenback. Year-to-date, the ringgit has appreciated about 1.5%.
The ringgit also strengthened against the Singapore dollar, trading at 3.1309, its strongest level in four years.
Kenanga Research said the ringgit drew support from a softer US dollar and Bank Negara’s decision to keep policy unchanged.
It noted that the US dollar index fell below 99.0, pressured by spillovers from heightened volatility in Japanese government bonds (JGBs) and concerns that European investors may reduce their holdings of US Treasuries (UST).
On Bursa Malaysia, Dutch Lady
rose 40 sen to RM32.34, F&N added 22 sen to RM35.86, Time Dotcom gained 21 sen to RM5.96 and Hong Leong Industries climbed 20 sen to RM17.18.
On the other hand, Nestle slid RM1.80 to RM115.20, Malaysian Pacific Industries lost 88 sen to RM33.12, Heineken fell 26 sen to RM22.64 and United Plantations declined 22 sen to RM30.50.
Meanwhile, stock market data showed foreign funds and local institutions remained net buyers, with purchases of RM168mil and RM304mil worth of equities, respectively, on Thursday.
Retail investors were net sellers at RM472mil.
Around the region, MSCI’s Asia ex-Japan stock index rose 0.32%, with most regional bourses ending higher. Among the key regional markets:
Japan’s Nikkei 225 closed up 0.29% to 53,846.87;
Hong Kong’s Hang Seng Index rose 0.45% to 26,749.51;
China’s CSI300 Index declined 0.45% to 4,702.50;
Taiwan’s Taiex climbed 0.68% to 31,961.51;
South Korea’s Kospi advanced 0.76% to 4,990.07 and;
Singapore’s Straits Times Index rose 1.3% to 4,891.45 points.
