Market Close KLCI rises 0.2% on regional gains

Market Close KLCI rises 0.2% on regional gains
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 09 July 2013 17:13

KUALA LUMPUR (July 9): The FBM KLCI rose 3.62 points or 0.2% as Asian equity markets advanced. This followed the overnight rise in US stock indices, analysts said.

At 5pm today, the KLCI settled at 1,766.49 points, helped by gains in stocks like TENAGA NASIONAL BHD [] and MALAYAN BANKING BHD [].

"The KLCI had taken a leaf out of regional markets," Alliance Research Sdn Bhd research head Bernard Ching told theedgemalaysia.com over telephone.

Ching said global investors’ current focus is on the US corporate financial results season. "That is the consensus view," he said.

Across Bursa Malaysia, 1.51 billion shares worth RM1.85 billion changed hands. There were 466 gainers versus 286 decliners.

The top gainer was Panasonic Manufacturing Malaysia Bhd while leading decliners included Aeon Co (M) Bhd and DUTCH LADY MILK INDUSTRIES BHD []. The most-active entity was LUSTER INDUSTRIES BHD [].

Tenaga, the sixth-largest advancer, had gained on news that the state-owned utility will start implementing the fuel cost pass-through mechanism next year.

The mechanism, essentially, allows Tenaga to channel the changes in fuel cost for electricity generation to end-users.

Across Asian markets, Japan's Nikkei rose 2.58%,while Hong Kong's Hang Seng climbed 0.49%. Nearer to home, Singapore's Straits Times was up 0.87%.

Reuters reported that Asian shares gained on Tuesday, taking heart from a rally on Wall Street spurred by strong U.S. job data last week, while the U.S. dollar held near a three-year high against a basket of currencies.

But Chinese shares underperformed on concerns over Beijing's credit reform drive to rebalance the economy and as unexpectedly high inflation data shut out any near-term possibility of monetary support for economic growth.