FBM KLCI up on 11th-hour spike as Bursa small caps fall

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KUALA LUMPUR (Jan 17): The FBM KLCI rose 2.6 points or 0.1% after an 11th-hour spike and as the ringgit strengthened against major currencies.

At 5pm, the KLCI closed at 1,828.63 points after falling to its intraday low at 1,821.54. The KLCI reversed losses as KLCI-linked Hong Leong Bank Bhd and Genting Bhd shares rose among Bursa Malaysia top gainers.

Bursa Malaysia small-capitalisation (small cap) stocks fell. The FBM Small Cap Index fell 150.53 points or 0.85% to close at 17,528.90 points.

Across Bursa Malaysia, 4.97 billion shares valued at RM2.79 billion were traded. Hong Leong Bank was the top gainer while Genting Bhd was the eighth-largest advancer.

AmInvestment Bank Bhd analyst Lim Sae Wai told theedgemarkets.com : “The small-cap index is going through a steeper correction, but its recent peak in early January was pretty overboard, so it is not surprising to see a bit of a pullback. There is a perceived negative sentiment on the weaker dollar towards selected export-oriented companies.”

The ringgit strengthened against the US dollar and Singapore dollar. Compared to the US dollar, the ringgit appreciated to its strongest level today at 3.9435. Over the last one-year, the exchange rate was between 3.9435 and 4.4618.

Against the Singapore dollar today, the ringgit apreciated to its firmest point at 2.9833. Over the last one-year, the exchange rate was between 2.9833 and 3.1786.