FBM KLCI up 13.99 points as Wang Yi's visit seen bolstering sentiment

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KUALA LUMPUR (July 31): The FBM KLCI closed 13.99 points or 0.79% higher at its intraday high after investors bought KLCI-linked stocks including Tenaga Nasional Bhd and Hong Leong Financial Group Bhd. At 5pm, the KLCI settled at 1,784.25 points.

The KLCI's rise today was apparent when Bursa Malaysia resumed trading in the afternoon as KLCI-linked stocks emerged among the bourse's top gainers. Hong Leong Investment Bank Bhd head of retail research Loui Low said the KLCI's rise could be due to China Foreign Minister Wang Yi's two-day visit to Malaysia starting today.

Low said the visit "could lead to some positive developments for the bilateral relationship between Malaysia and China."

At Malaysian shares' current level, Low said the local stock market was traded in an overbought environment. He noted that the KLCI's resistance could be seen within the range of 1,790 to 1,800 points

Across Bursa Malaysia, 2.71 billion shares worth RM3.05 billion were transacted. Top gainer Tenaga added 54 sen to close at RM15.68 while Hong Leong Financial added 28 sen to close at RM18.08.

Bursa Malaysia's most-active stocks included My E.G. Services Bhd (MyEG) and Cuscapi Bhd with a trade volume of some 65 million and 60 million shares respectively. MyEG
added 10 sen to close at RM1.24 while Cuscapi rose three sen to 31.5 sen.