Market Close KLCI gains 1.4% as ringgit strengthens with crude oil
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Market Close KLCI gains 1.4% as ringgit strengthens with crude oil
- Market Close
[size=28]KLCI gains 1.4% as ringgit strengthens with crude oil
By Kamarul Anwar / theedgemarkets.com | February 4, 2016 : 5:46 PM MYTKUALA LUMPUR (Feb 4): The FBM KLCI rose 23.47 points or 1.4%, tracking regional share gains as a crude oil price rise buoyed sentiment.
Such sentiment augured well for the ringgit as crude oil forms a crucial portion of the Malaysian economy and government revenue. The ringgit strengthened to 4.1452 against the US dollar while the KLCI closed at 1,656.77.
Reuters reported that crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record US stocks due to overproduction.
At Bursa Malaysia, instrumental in the KLCI's gain today were AMMB Holdings Bhd, Astro Malaysia Holdings Bhd, Axiata Group Bhd, CIMB Group Holdings Bhd, and DiGi.Com Bhd.
Despite the KLCI's gain, analysts were mindful of the sustainability of the index's advance.
"The mid-term outlook (for KLCI) is still bearish. Today's rise was more of a technical rebound," Jupiter Securities Sdn Bhd chief market strategist Benny Lee told theedgemarkets.com.
"The gains were mostly because of the rebound in crude oil prices and the ringgit today," Lee said.
Across Bursa Malaysia, 2.05 billion shares valued at RM2.08 billion were traded. Gainers edged decliners at 512 and 341 respectively.
Hubline Bhd was the most-actively traded stock. Today's biggest gainers were Nestle (M) Bhd, PPB Group Bhd, and Sime Darby Bhd.
The biggest decliners included British American Tobacco (M) Bhd and Kossan Rubber Industries Bhd.
Asian share indices gained. In China, Hong Kong's Hang Seng gained 1.01%, while the Shanghai Composite was up 1.53%. South Korea's Kospi rose 1.35%.
Japan's Nikkei 225, however, fell 0.85%.
Asian shares rallied on Thursday as speculation the US Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices, Reuters reported.
Japanese investors, however, seemed less happy with the yen's newfound strength against the dollar and nudged the Nikkei lower.
In Malaysia tomorrow, the Statistics Department will announce the country's Dec 2015 external trade numbers.
Bursa Malaysia share trades will be closed this Monday and Tuesday (Feb 8 and 9) in conjunction with the Chinese New Year holidays. Trading resumes on Wed (Feb 10).
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