KLCI extends gains on US GDP upgrade

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KUALA LUMPUR (Nov 26): The FBM KLCI closed higher for its third consecutive day, after the US revised higher its third quarter economic growth. Malaysian shares rose in line with most Asian markets.

At 5pm, the KLCI rose 3.61 points or 0.2% to 1,842.17 points, on gains in stocks like Malayan Bankng Bhd and Tenaga Nasional Bhd.

Reuters reported the US government upgraded its reading on third quarter gross domestic product (GDP) growth to 3.9 percent on Tuesday, from 3.5 percent reported last month. Economists polled by Reuters had expected growth would be cut to 3.3 percent.

In Malaysia, a dealer told theedgemarkets.com: “The index (KLCI) is supported by the overall positive sentiment in regional markets, as the US government announced stronger-than-expected economic growth."

Bursa Malaysia saw some 1.71 billion shares worth RM1.45 billion, traded. There were 452 decliners against 321 gainers, while 314 counters were unchanged.

The top gainer was British American Tobacco (M) Bhd, while Dutch Lady Milk Industries Bhd led decliners.

Minetech Resources Bhd was the most active stock.

Asian markets were mostly up. Hong Kong’s Hang Seng rose 1.12%, while South Korea’s Kospi gained 0.03%.