Market Close KLCI rises 0.2% as ringgit strengthens
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Market Close KLCI rises 0.2% as ringgit strengthens
Market Close KLCI rises 0.2% as ringgit strengthens |
Business & Markets 2014 |
Written by Chong Jin Hun of theedgemalaysia.com |
Wednesday, 09 April 2014 17:18 |
KUALA LUMPUR (Apr 9): The FBM KLCI, which opened in the red, rose 3.44 points or 0.2% at market close as foreign investors bought shares to capitalise on the strengthening ringgit against the US dollar, according to fund managers.
At 5pm, the KLCI settled at 1,855.75. The rise came on gains in stocks like Tenaga Nasional Bhd and IHH Healthcare Bhd.
"It is due to the ringgit strengthening," a fund manager told theedgemalaysia.com over telephone today.
The ringgit was traded at 3.2289 versus the US dollar at 4.21pm today. This compares to 3.3511 on February 4 this year, Bloomberg data shows.
According to the fund manager, the ringgit had strengthened as the US dollar weakened, and in anticipation that Bank Negara Malaysia will raise interest rates.
Bank Negara had maintained its overnight policy rate at 3.00% at its monetary policy committee (MPC) meeting on March 6 this year. The MPC's next meeting falls on this May 8.
Today, Bursa Malaysia saw 2.22 billion shares worth RM2.38 billion changed hands. There were 462 gainers versus 336 decliners.
The top gainer was Nestle (M) Bhd while Cahya Mata Sarawak Bhd led decliners. The most-active entity was PDZ Holdings Bhd.
Abroad, Japan's Nikkei declined 2.1% while Hong Kong's Hang Seng rose 1.09%.
Reuters reported that Asian shares rose on Wednesday after Wall Street reversed a three-day losing streak, but Japanese stocks dropped sharply after the yen surged on fading hopes of near-term stimulus from the Bank of Japan.
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.9 percent, taking heart from a recovery in U.S. stocks overnight.
Tomorrow (April 10), the Malaysian Palm Oil Board will announce the sector's production, inventory and export data for March. The Statistics Department will announce the nation's industrial output and manufacturing sales data for February.
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