Market Close KLCI extends gains on US GDP upgrade

by **Cals** Thu 27 Nov 2014, 02:15

Market Close
KLCI extends gains on US GDP upgrade

KUALA LUMPUR (Nov 26): The FBM KLCI closed higher for its third consecutive day, after the US revised higher its third quarter economic growth. Malaysian shares rose in line with most Asian markets.
At 5pm, the KLCI rose 3.61 points or 0.2% to 1,842.17 points, on gains in stocks like Malayan Bankng Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) and Tenaga Nasional Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Reuters reported the US government upgraded its reading on third quarter gross domestic product (GDP) growth to 3.9 percent on Tuesday, from 3.5 percent reported last month. Economists polled by Reuters had expected growth would be cut to 3.3 percent.
In Malaysia, a dealer told theedgemarkets.com: “The index (KLCI) is supported by the overall positive sentiment in regional markets, as the US government announced stronger-than-expected economic growth."
Bursa Malaysia saw some 1.71 billion shares worth RM1.45 billion, traded. There were 452 decliners against 321 gainers, while 314 counters were unchanged.
The top gainer was British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), while Dutch Lady Milk Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) led decliners.
Minetech Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) was the most active stock.
Asian markets were mostly up. Hong Kong’s Hang Seng rose 1.12%, while South Korea’s Kospi gained 0.03%.