Market Close KLCI up 0.2% on US data, eurozone banks stress test results

by **Cals** Tue 28 Oct 2014, 00:39

Market Close
KLCI up 0.2% on US data, eurozone banks stress test results

KUALA LUMPUR (Oct 27): The FBM KLCI closed 4.29 points or 0.24% higher today, in line with Asian equity markets. Asian shares rose as the region welcomed upbeat US economic data and better-than-expected results from eurozone banks’ stress test results.

Malaysia's KLCI settled at 1,823.15 points at 5pm, on gains in stocks like Kuala Lumpur Kepong Bhd (KLK) (Financial Dashboard) and Petronas Gas Bhd ( Financial Dashboard).

Danny Wong, CEO of Areca Capital Sdn Bhd, said trading on Bursa Malaysia had “stabilised” and would not see “much changes” for the rest of this week, as the local bourse recovered from a selldown two weeks ago.

“The market has really settled down, after the market-wide panic and retail selldown two weeks ago. Stocks with strong fundamentals and not-speculative nature have also slowly recovered from that,” Wong said.

Wong said the recovery was most apparent in movement of stocks with small- to mid-market capitalisation.

“Today, you will see that small and mid capitalisation stocks are staying strong and improving, even when the index itself has not changed much,” he said.

Overall, Bursa Malaysia saw 2.29 billion shares, with a value of RM1.86 billion, changing hands.

There were 633 gainers and 230 decliners, while 255 counters were unchanged.

Today’s gainers included British American Tobacco (M) Bhd ( Financial Dashboard), KLK and Batu Kawan Bhd ( Financial Dashboard).

Meanwhile, decliners were led by Petronas Gas, Dutch Lady Milk Industries Bhd ( Financial Dashboard) and Ibraco Bhd ( Financial Dashboard).

The most-actively traded stock was PDZ Holdings Bhd ( Financial Dashboard).

Regionally, Hong Kong’s Hang Seng declined 0.68%, Japan’s Nikkei was up 0.63%, while South Korea’s Kospi rose 0.33%.

Reuters reported Asian equities rose on Monday, taking heart from upbeat U.S. economic data and slightly better-than-expected health checks on euro zone banks, which helped revive investors' risk appetite.