KLCI gains 0.51%, tracking regional gains

-A +A

KUALA LUMPUR (Feb 24): The FBM KLCI continued its uptrend after the Lunar New Year break and closed 9.29 points or 0.51% higher at 1,818.68 points today, thanks to more stable crude oil prices and the flow of positive vibes from the Eurozone as Greece’s debt extension brought the continent’s shares to a seven-year high.

“The [Greece] story continues today, which lifted the local composite index,” JF Apex Securities senior analyst Lee Cherng Wee told theedgemarkets.com over telephone.

KLCI was on an ascending pattern throughout the day and was consistently in the green territory, ranging from 1,812.99 points to 1,818.85 points. Among the counters leading the local benchmark was MISC Bhd, Felda Global Ventures Holdings Bhd, Genting Bhd, Petronas Gas Bhd, and IHH Healthcare Bhd.

Lee said the stablisation of crude oil prices in the range of mid-US$50 to US$60 also helped to restore investors’ confidence.

“For now, it seems like this is the level price. There are also expectations that oil prices will eventually go up to US$70,” he said.

The wider market saw 2.18 billion shares, collectively valued at RM2.12 billion, traded today, with 432 gainers and 409 decliners.

Asia Bioenergy Technologies Bhd was the most active counter, followed by R&A Telecommunication Group Bhd and Wintoni Group Bhd.

Top gainers were LPI Capital Bhd, British American Tobacco (Malaysia) Bhd, and MISC Bhd – which just signed a novation agreement to build new liquefied natural gas vessels and charter them to a fellow company in the Petroliam Nasional Bhd's (Petronas) stable.

Today’s biggest decliners were Nestle (Malaysia) Bhd, Panasonic Manufacturing Malaysia Bhd, and Carlsberg Brewery Malaysia Bhd.

Key regional indices also fared better today, with Japan’s Nikkei 225 gaining 0.74%, China’s Shanghai Composite Index closing 0.76% higher, Korea’s Kospi rising 0.39%, and Singapore’s Straits Times Index going up by 0.48%.

Asian share markets crept higher on Tuesday as Tokyo scored another 15-year peak, though gains were hostage to what Federal Reserve Chair Janet Yellen might say later in the day about the likely lift-off date for U.S. rate hikes, according to Reuters.