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Market Close KLCI higher on China share gains
by Cals Tue 22 Mar 2016, 01:38
- Market Close
[size=28]KLCI higher on China share gains
By Tan Siew Mung / theedgemarkets.com | March 21, 2016 : 5:45 PM MYTKUALA LUMPUR (March 21): The FBM KLCI rose 2.02 points or 0.1% after China's state margin lender resumed short-term loans and reduced borrowing cost for brokerages.
Investors take margin loans to invest in shares or funds.
At 5pm, the KLCI closed at 1,718.36 points. The index erased losses at the 11th hour, after falling to an intraday low at 1,707.11.
In China, the Shanghai Composite rose 2.15%, while Hong Kong's Hang Seng added 0.06%. Japanese share markets were closed for a public holiday.
Reuters reported that China financial stocks such as brokerages led indexes higher, with the CSI300 financial sub-index gaining 3.3%.
In Malaysia, JF Apex Securities Bhd research head Lee Chung Cheng told theedgemarkets.com that Malaysian markets were expected to continue tracking global markets.
“There is no catalyst for markets, after the US Federal Reserve kept interest rates unchanged last Wednesday. Meanwhile, the market is still dependent on oil price movement,” Lee said.
On Bursa Malaysia, 2.01 billion shares, worth RM2.05 billion, exchanged hands. Gainers outnumbered decliners at 442 to 436.
Top gainer was Nestle (M) Bhd, while Petronas Gas Bhd was the biggest decliner. Hubline was the most actively-traded stock.
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