KUALA LUMPUR: The FBM KLCI finished higher on Wednesday, snapping a two-day losing streak as trading resumed after a public holiday, while the ringgit climbed to its highest level in about two months against the US dollar.
At 5pm, the 30-stock index was up 12.21 points, or 0.7%, at 1,748.54, supported by gains in banking counters.
Market breadth was positive, with gainers outnumbering decliners by 777 to 466, while 582 counters were unchanged. About 4.17 billion shares, valued at RM4.23bil, changed hands.
Dealers said investors are expected to focus on upcoming corporate earnings for further cues on market direction.
They expect trading to remain active as the corporate earnings season enters its final stretch, with investors assessing the latest results for fresh leads.
At Bursa Malaysia, Malaysian Pacific Industries
was the top gainer, rising RM1.18 to RM42.68. Kelington Group rose 58 sen to RM8.94, YTL Power gained 53 sen to RM5.90 and PETRONAS Dagangan advanced 52 sen to RM20.52.
Plantation stocks were among the decliners. United Plantations fell 60 sen to RM31.52, Batu Kawan declined 46 sen to RM20.54, Ta Ann lost 18 sen to RM6.11 and Kuala Lumpur Kepong shed 16 sen to RM21.76.
On the forex front, the ringgit strengthened 0.5% against the US dollar to 4.0240, bringing its year-to-date gain to 0.88%. The ringgit was trading at its strongest level against the greenback since early June.
The local currency also gained 0.42% against the Singapore dollar to 3.1696, rose 0.41% against the euro to 4.6979 and strengthened 0.55% against the pound sterling to 5.4860.
Meanwhile, Brent crude slid US$2.57 or 2.9%, to US$86.01 a barrel, while U.S. West Texas Intermediate crude declined US$2.42, or 2.94%, to US$79.94 per barrel.
On the external front, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.95%.
Japan’s Nikkei 225 closed up 0.62% at 66,262.16 while South Korea’s Kospi gained 0.97% to 6,808.21.
Hong Kong’s Hang Seng added 0.56% to 25,652.97 and Taiwan’s TAIEX climbed 1.47% to 45,832.62.
China’s CSI300 index rose 0.85% to 4,590.79, while the Shanghai Composite Index ended 0.59% higher at 3,912.52 points.
