Market Close KLCI rises as Bursa small caps see profit taking

by **Cals** Sat 05 Mar 2016, 03:11

Market Close

[size=28]KLCI rises as Bursa small caps see profit taking

By Chen Shaua Fui / theedgemarkets.com | March 4, 2016 : 5:51 PM MYT

KUALA LUMPUR (March 4): The FBM KLCI rose 4.29 points or 0.3% with Asian share market and crude oil price gains.

At 5pm, the KLCI closed at 1,692.49 points. Across Asia, Japan's Nikkei 225 closed up 0.32%, while Hong Kong's Hang Seng added 1.18%.

“Generally, the market is taking the cue from the crude oil market, and the market is moving up, in tandem with the increase in crude oil prices,”
MIDF Amanah Investment Bank Bhd head of equity Syed Muhammad Kifni Syed Kamaruddin told theedgemarkets.com.

At the time of writing, Brent crude oil rose to US$37.10 per barrel, on news US oil output fell. This led to speculation that world oil prices could have bottomed out.

Moving forward, Syed Muhammad Kifni said the Malaysian stock market's focus would be on the US' employment data, which would offer clues on the pace of interest rate hikes there.

Reuters reported Asian shares looked set on Friday to post their strongest week in five months, as global investors returned to riskier assets, after a string of positive U.S. economic data and a bounce in oil and commodity prices.

The rebound could continue if the February U.S. employment report later in the session shows job gains but remains weak enough to discourage Federal Reserve rate increases in the near term.

At Bursa Malaysia, the bourse saw 1.78 billion shares, worth RM2.16 billion, traded. Decliners led gainers by 463 to 334.

Although the KLCI rose, the FBM Small Cap Index fell 17.77 points or 0.12% to 15,249.690, on profit taking.

Bursa's top gainers included banking stocks like Public Bank Bhd, CIMB Group Holdings Bhd, Hong Leong Financial Group Bhd and AMMB Holdings Bhd.

Top decliners included British American Tobacco (M) Bhd, Petronas Dagangan Bhd and Kuala Lumpur Kepong Bhd.

Meanwhile, the most active counters included AirAsia X Bhd and AirAsia Bhd.

Next week, Malaysia will announce crucial policy and economic updates. Bank Negara will issue its monetary policy statement on Wednesday, March 9.

On Friday, March 11, the Statistics Department will announce the nation's January industrial output numbers.
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