Market Close KLCI rises 0.1% on Yellen's comments

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 14 November 2013 17:11
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KUALA LUMPUR (Nov 14): The FBM KLCI erased losses to gain 1.71 points or
0.1% as Asian markets rose. At 5pm, the KLCI settled at 1,784.20 on gains in
stocks like Genting Bhd and Kuala Lumpur Kepong Bhd.
This follows comments by Janet Yellen who has been nominated as the next
US Federal Reserve chief that the nation's quantitative easing measures may
continue for some time.
In Malaysia, technical analysts said investors had bargain hunted for
beaten-down stocks today. This follows the KLCI's 2% decline over the past
two weeks.
"Investors were bottom picking," RHB Research Institute Sdn Bhd technical
analyst Mohammad Ashraf Abu Bakar told theedgemalaysia.com over
telephone today.
Yesterday, the KLCI closed at 1,782.49, down from 1,817.38 on October 30,
Bloomberg data show.
Today, Bursa Malaysia saw 1.54 billion shares worth RM1.79 billion changed
hands. There were 503 gainers versus 282 decliners.
The top gainer was UMW Holdings Bhd while Petronas Gas Bhd led decliners.
The most-active stock was KNM Group Bhd.
Across Asia, Japan's Nikkei rose 2.12% while Hong Kong's Hang Seng added
0.82%.
Nearer to home, Singapore's Straits Times climbed 0.68%.
Reuters reported that Japanese stocks led a broad rally in Asia on Thursday, spurred by Federal Reserve Vice Chair Janet Yellen's
comments which suggested global asset markets could count on the Fed's generous stimulus for some time.
Yellen, in remarks released ahead of her closely-watched Senate confirmation hearing from 1500 GMT to succeed Fed chief Ben
Bernanke, said the Fed has "more work to do" to help the economy.