FBM KLCI up 10.66 points on Malaysia election-thematic stock run

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KUALA LUMPUR (Jan 4): The FBM KLCI rose 10.66 points or 0.6% to close at its intraday high as anticipation of Malaysia’s 14th general election this year led to institutional and retail buying of local shares.

At 5pm, the KLCI closed at 1,803.45 points. Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that the Malaysian equity market is going through an election-thematic stock run.

“Today’s rally was on a broader base. Other than government-linked counters, we can see that glove counters benefited from this positive sentiment as well.

"While buying interest was mainly coming from institutional investors over the past few trading days, today we saw that retail investors began to follow through as well,” Wong said.

Across Bursa Malaysia, trading volume stood at 5.05 billion shares worth RM3.29 billion. Top gainers included Top Glove Corp Bhd and KLCI-linked Sime Darby Bhd.

Sime Darby Bhd rose 27 sen to RM2.68 to become Bursa Malaysia's seventh-largest gainer.