FBM KLCI climbs 15.79 points on local institutional support

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KUALA LUMPUR (July 18): The FBM KLCI gained 15.79 points or 0.91% on local instutional support and bargain hunting after the index's recent decline.

Analysts said today Malaysian stock market valuations appeared attractive after the KLCI's recent drop below 1,700 points. At 5pm today, the KLCI closed at its intraday high of 1,753.07 points.

“We are quite bullish in the short term, not just (on) the KLCI, (as) we think the emerging market valuation is quite attractive now, and local funds are supporting the market.

“For the index (KLCI), we think 1,700 is a strong support now, and 1,760 is the next resistant level," Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told theedgemarkets.com.

Across Bursa Malaysia, 2.63 billion shares were traded for RM2.18 billion.

Top gainers included newly-listed Revenue Group Bhd, which was also the most-actively traded stock with some 188 million shares changing hands. Revenue, which was listed on the ACE Market today, added 25.5 sen to close at 62.5 sen.

Across Asian stock markets, Japan’s Nikkei 225 rose 0.43%, South Korea's Kospi fell 0.34% while Hong Kong Hang Seng declined 0.23%.

Reuters reported that the world's major stock markets were mostly firmer on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted bond yields and sent safe-haven gold to a one-year trough.

Federal Reserve Chairman Jerome Powell stuck with an upbeat assessment on the US economy while downplaying the impact of global trade risks on the outlook for rate rises.