Market Close KLCI up on local fund buying, US GDP

Market Close
KLCI up on local fund buying, US GDP

KUALA LUMPUR (Aug 28): The FBM KLCI gained 11.04 points or 0.7% on local government fund buying as Asian shares rose.  
Global shares advanced following a positive showing from US markets after the world's largest economy said second quarter gross domestic product growth was stronger than estimated earlier.
Malaysia's KLCI closed at 1,612.74 points. Across the region, Japan's Nikkei 225 ended the day 3.03% higher, South Korea’s Kospi was up 1.56% while China's Shanghai Composite Index rose 4.9%.
In Malaysia, Etiqa Insurance & Takaful head of research Chris Eng said “a positive showing from the US markets was reflected in Asian markets, which were mostly up today".
"The KLCI’s performance today was no exception, and the index was also supported by a local government fund’s year end closing buying activity,” Eng told theedgemarkets.com.
In currency markets, the ringgit strengthened to 4.1990 against the US dollar as crude oil prices rose.
The ringgit's strength correlates with prices of crude oil, which forms a crucial portion of the Malaysian economy and government revenue.
Bursa Malaysia saw 2.12 billion shares valued at RM2.32 billion traded. There were 463 gaining counters and 381 declining entities.
Top gainers included British American Tobacco (M) Bhd and Bursa Malaysia Bhd. Major decliners included Kossan Rubber Industries Bhd and Far East Holdings Bhd.
The most-actively traded counter was AirAsia Bhd.