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Market Close KLCI rises after IPIC pays 1MDB bond interest
by Cals Thu 12 May 2016, 23:10
- Market Close
[size=28]KLCI rises after IPIC pays 1MDB bond interest
By Chen Shaua Fui / theedgemarkets.com | May 12, 2016 : 5:45 PM MYTKUALA LUMPUR (May 12): The FBM KLCI rose 4.4 points or 0.3% after International Petroleum Investment Co (IPIC) paid the interest on 1Malaysia Development Bhd's (1MDB) bonds.
At 5pm, the KLCI closed at 1,648.98 points. Yesterday, IPIC said it paid interest amounting to US$52.41 million (about RM211 million) on the US$1.75 billion 5.99% notes issued by 1MDB Energy Ltd.
Today, Etiqa research head Chris Eng told theedgemarkets.com "it was a relief for investors after IPIC paid the interest for 1MDB."
He said since late April, the market had been selling too fast and there was room for stabilisation for another week.
"There is more room for market stabilisation, the downside in the short term is limited, barring the sell down in the US," Eng said.
Across Bursa Malaysia, 449 gainers outpaced 395 decliners. The bourse saw 2.05 billion shares valued at RM1.81 billion traded.
Top gainer was Genting Bhd while top decliner was Nestle (M) Bhd. Meanwhile, the most-active counter was mTouche Technology Bhd.
Across Asian share markets, Japan's Nikkei 225 rose 0.41% while Hong Kong's Hang Seng dipped 0.7%.
Reuters reported that Asian shares fell on Thursday following a dismal session on Wall Street, while the dollar firmed but remained shy of this week's highs and crude oil gave back some of its recent gains.
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