Market Close KLCI pares gains as Asian shares fall

by **Cals** Wed 19 Aug 2015, 19:12

Market Close
KLCI pares gains as Asian shares fall

KUALA LUMPUR (Aug 19): The FBM KLCI rose 2.84 points or 0.2% as Asian share losses curbed Malaysian equity gains.
At 5pm, the KLCI closed at 1,582.44 as stocks like PPB Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and CIMB Group Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) gained. The KLCI pared gains after rising to an intraday high of 1,594.68.
Analysts expect the KLCI to trade higher in the next two or three days, taking into account positive technical indicators.
"The technical indicators remain bullish at the moment but there are no immediate catalysts that could sustain the uptrend," an analyst from UOB Kay Hian (M) Holdings Sdn Bhd told theedgemarkets.com.
Bursa Malaysia saw 557 gainers versus 259 decliners. A total of 1.89 billion shares valued RM1.78 billion changed hands.
Hang Seng Index-linked call warrants occupied Bursa Malaysia's top decliners list after the Hong Kong share gauge fell 1.31%.
Across Bursa Malaysia, Malaysian Pacific Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) led gainers while the most-actively traded counter was The Media Shoppe Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) with a trading volume of some 82 million shares.
China shares were closely watched. Reuters reported that Chinese stocks reversed sharp declines and ended higher on Wednesday after the central bank injected more funds into the financial system for a second day in a bid to calm panicky markets.
The CSI300 index rose 1.6%, to 3,886.14, while the Shanghai Composite Index gained 1.2%, to 3,794.11 points.
The indexes had slumped more than 5% at one point in morning trade, after plunging 6% on Tuesday following comments by China's securities regulator that the market has normalised and the government would allow market forces to play a bigger role in determining stock prices.
China shares' intraday losses had not augured well for Asian stock markets. Japan's Nikkei 225 closed 1.61% lower while South Korea's Kospi Index retreated 0.86%.