KLCI erases loss as Asian shares climb to record highs

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KUALA LUMPUR (Jan 16): The FBM KLCI rose 0.12 point as Asian shares climbed to record closing highs. Such sentiment could have helped trading volume across Bursa Malaysia to top six billion shares today.

At 5pm, the KLCI closed at 1,826.03 points after falling to its intraday low at 1,818.64 points. Across Asian share markets, Japan's Nikkei 225 rose 1% while Hong Kong's Hang Seng added 1.81%.

Reuters reported that Japan's Nikkei share average rose to its highest level since late 1991 on Tuesday, as a firmer dollar supported exporter stocks and expectations for strong corporate earnings bolstered investor sentiment. Hong Kong's benchmark Hang Seng Index rose to a record closing high on Tuesday, led by index heavyweight Tencent Holdings and Hong Kong Exchanges and Clearing.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com "the (stock market) trend is still positive from the global growth perspective."

“Oil price has breached US$70, and the ringgit has strengthened (past) four against the US dollar, which are good signs for Malaysia,” Wong said.

Across Bursa Malaysia, 6.53 billion shares worth RM3.37 billion changed hands. Top gainers included KLCI-linked Genting Bhd.

Genting Bhd shares rose 15 sen to close at RM9.48 to become Bursa Malaysia's fifth-largest gainer.