Market Close KLCI rises with Asian markets on China GDP

by **Cals** Sat 16 Jul 2016, 17:10

Market Close

[size=28]KLCI rises with Asian markets on China GDP

By Ahmad Naqib Idris / theedgemarkets.com | July 15, 2016 : 5:41 PM MYT
KUALA LUMPUR (July 15): The FBM KLCI gained 13.62 points or 0.8%, tracking Asian share markets' positive sentiment after China said second quarter gross domestic product (GDP) grew 6.7% from a year earlier.

At 5pm, the KLCI closed at 1,668.4 points. Across Asian share markets, Japan's Nikkei 225 rose 0.68% while Hong Kong's Hang Seng added 0.46%.

Reuters reported that Asian shares extended gains to nine-month highs on Friday, on track for a solid weekly rise, as better-than-expected economic data from China lifted risk sentiment that was already buoyant after record highs on Wall Street.

China's economy grew 6.7% in the second quarter from a year earlier, steady from the first quarter and slightly better than expected as the government stepped up efforts to stabilise growth in the world's second-largest economy.

It was reported that analysts polled by Reuters had predicted GDP would ease to 6.6% in the second quarter, which would have been the weakest since the global financial crisis, and had predicted a further loss of steam later this year.

In Malaysia, JF Apex Securities Bhd senior analyst Lee Cherng Wee told theedgemarkets.com the KLCI's gain was driven by regional markets' upbeat sentiment amid talks of further stimulus in global economies.

"It's mostly due to external factors. Regional markets are up in line with the record closing by US markets overnight, while there has been talks of more stimulus by Japan and the UK," he said.

Bursa Malaysia saw 1.89 billion shares worth RM1.92 billion exchanged. Gainers outnumbered decliners at 476 versus 310.

The leading gainer was Nestle (M) Bhd while Hartalega Holdings Bhd led decliners. Most active was Borneo Oil Bhd.

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