KUALA LUMPUR: The FBM KLCI surged 1.4% to its highest level in over seven years, lifted by upbeat economic sentiment and a strengthening ringgit pushing past the 4.00 mark against the US dollar.
At closing, the market bellwether ended 24.08 points, or 1.4% firmer at 1,744.07, its highest since October 2018. The index moved between a low of 1,721.63 and a high of 1,746.98 throughout the trading session.
There were 591 gainers, 631 losers and 498 counters traded unchanged on the Bursa Malaysia. Turnover stood at 3.5 billion shares valued at RM4.07bil.
Dealers said buying interest in the local market was driven by upbeat sentiment, supported by renewed confidence in the economic outlook.
They added that the ringgit’s continued strength further lifted market confidence and reinforced the positive tone on Bursa Malaysia.
The ringgit extended its rally, rising 0.93% to 3.9690 against the US dollar, after earlier touching its strongest level since June 2018 at 3.968.
The local currency is among Asia’s top-performing currencies this year, gaining 2.31% after two consecutive years of regional outperformance.
Consumer stocks led the gainers on Bursa Malaysia, with Heineken jumping RM1.10 to RM23.74, Nestlé rising 80 sen to RM116.00, Dutch Lady
gaining 78 sen to RM33.12 and Carlsberg climbing 52 sen to RM18.34.
On the downside, Malaysian Pacific Industries fell 54 sen to RM32.58, SAM Engineering shed 20 sen to RM3.50, Enra Group slipped 19 sen to 41 sen, while Hong Leong Industries eased 16 sen to RM17.02.
Meanwhile, Reuters reported that spot gold was up 2.2% at US$5,089.78 an ounce by 6.56am GMT, after earlier touching an all-time high of US$5,110.50, while US gold futures for February delivery gained a similar 2.2% to US$5,086.30 an ounce.
On the external front, the MSCI Asia ex-Japan index rose 0.45%, with regional bourses finishing mixed.
Japan’s Nikkei 225 closed down 1.79% at 52,885.25 while South Korea’s Kospi lost 0.81% to 4,949.59.
Hong Kong’s Hang Seng was a tad higher at 26,765.52.
China's blue-chip CSI300 Index ended 0.09% higher at 4,706.96, while the Shanghai Composite Index lost 0.08% to 4,132.60.
