Market Close KLCI advances 14.14pts on institutional buying

by **Cals** Tue 21 Apr 2015, 20:59

Market Close
KLCI advances 14.14pts on institutional buying

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By Jeffrey Tan / theedgemarkets.com | April 21, 2015 : 5:35 PM MYT

KUALA LUMPUR (Apr 21): The FBM KLCI advanced 0.8% to close at its intraday high on institutional buying as regional markets rose. Global shares climbed on China's move to cut bank reserve requirements by 100 basis points to support its economy.

Reuters reported that Asian stocks were firm on Tuesday after China's latest step to prop up its faltering economy lifted global equities, while the euro was pressured on growing worries a cash-strapped Greece may default on its debt.

In Malaysia, the KLCI settled at 1,862.80 points at the 5pm closing bell, led by gains in Genting Bhd, [size=14]Petronas Chemicals Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Genting Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).

Among Asian markets, Japan’s Nikkei 225 was up 1.4% while Hong Kong’s Hang Seng rose 2.79%.

In Malaysia, InterPacific Securities remisier Sam Ng told theedgemarkets.com that the KLCI found support from fund managers buying into selected stocks.

“Fund managers are buying into stocks related to Genting, Hong Leong, and the oil and gas industry,” Ng said over the telephone.

Across Bursa Malaysia, 3.04 billion shares worth RM2.47 billion were traded. Market gainers thumped decliners by 536 versus 359 while 311 counters were unchanged.

Top gainers included Genting Bhd and Pestech International Bhd ([You must be registered and logged in to see this image.] Financial Dashboard). The leading decliner was British America Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) while the most-active counter was Nova MSC Bhd([You must be registered and logged in to see this image.] Financial Dashboard).

In currency markets, the ringgit weakened to 3.6370 against the US dollar and compared to the Singapore dollar, the ringgit depreciated to 2.6920.

The ringgit had weakened ahead of Malaysia's announcement tomorrow on its inflation, deemed a crucial indicator of the country's monetary policy.
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