FBM KLCI up 17.71pts on KLCCP, Sime Darby Plantation spike

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KUALA LUMPUR (Dec 29): The FBM KLCI gained 17.71 points or 1% after
an 11th-hour share price spike in index-linked KLCCP Stapled Group and Sime Darby Plantation Bhd pushed the 30-stock KLCI higher.
At 5pm, the KLCI closed at its intraday high at 1,796.81 points for a year-to-date gain of 9.45%. Today is the final trading day for Malaysian markets in 2017 as investors look ahead to 2018 next week.

Today, KLCCP added 83 sen to RM8.64 while Sime Darby Plantation rose 52 sen to RM6. KLCCP and Sime Darby Plantation were Bursa Malaysia's fourth and sixth largest gainers respectively.

It is worth noting that property companies SP Setia Bhd and
Capitaland Malaysia Mall Trust (CMMT) were also major gainers.

SP Setia was the fifth largest gainer after its share price increased 64 sen to RM4. CMMT gained 41 sen to RM1.83 to become the eighth largest advancer.

Across Bursa Malaysia, trading volume was 3.14 billion shares worth RM2.77 billion.

Kenanga Investment Bank Bhd head of research Chan Ken Yew told theedgemarkets.com that the KLCI's increase can be attributed to "window dressing activities."

"Fundamentally, our (Malaysia) economic indicators are good as well," Chan said.

Next week, Malaysian markets will be closed on Monday (January 1, 2018) for the New Year's Day holiday. Trading resumes on Tuesday.