FBM KLCI up; ringgit strengthens to 4.1563 vs US dollar

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KUALA LUMPUR (Nov 17): The FBM KLCI inched up 3.55 points or 0.2% on what appears to be a technical rebound following four consecutive days of losses. Meanwhile, the ringgit strengthened against the US dollar.

At 5pm, the KLCI ended at 1,721.66 points. Yesterday (Thursday), the index fell 4.88 points to 1,718.11 points.

Today, TA Securities Holdings Bhd wrote in a note: "Persistent profit-taking on index heavyweights pressured the local bluechip benchmark lower for a fourth straight session Thursday. (Today) The cautious market undertone and bearish momentum should continue to pressure the index lower, before oversold conditions spark a technical rebound."

Despite the KLCI's rise today, analysts are still mindful of the  sustainability of the index's gain. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the market is cautious as investors had taken the brunt of foreign funds' outflow from Malaysian equities.

“The market is still jittery, as foreign selling has gathered pace over the past week and today’s price action does not seem to indicate a reverse into net buying,” Pong said.

Across Bursa Malaysia, gainers outpaced decliners at 411 to 363 respectively. A total of 2.21 billion shares worth RM2.23 billion were traded.

Top gainer was KLCI-linked Genting Bhd after investors bargain hunted for the stock. Genting rose 28 sen to close at RM9.20.

In currency markets, the ringgit appreciated to its strongest level in a year today at 4.1563 against the US dollar. The exchange rate was between 4.1563 and 4.1735 today.

Over the last one year, the exchange rate was between 4.1563 and 4.5002.