FBM KLCI up after US shares closed at record high

-A +A

KUALA LUMPUR (Aug 27): The FBM KLCI rose 2.81 points or 0.15%, tracking China's share rise today after US equities' gain on Friday. At 12.30pm today, the KLCI settled at 1,811.40 points.

Reuters reported that US shares rose on Friday after US Federal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth.

Today, it was reported that Asian shares rose on Monday, boosted by record Wall Street highs on Friday after reassuring comments from the Federal Reserve's chairman, and as stock markets in China gained after the country's central bank tweaked its management of the yuan. It was reported today that People's Bank of China late on Friday revived a "counter-cyclical factor" used to set the midpoint of the daily trading band of the yuan, in a bid to support it.

Across Bursa Malaysia today, 1.82 billion shares worth RM868.2 million were traded. Top gainers included Petronas Dagangan Bhd and Petronas Gas Bhd.

Hong Leong Investment Bank Bhd wrote in a note today that "we still see opportunities within the export-related and selected O&G (oil and gas) stocks on the back of weaker ringgit prospects and firmer crude oil prices, respectively".

A remisier based here told theedgemarkets.com that the positive sentiment from the US share rise has fueled the gain seen in Asia today. In China, the Shanghai Stock Exchange Composite was 1.58% higher while Hong Kong's Hang Seng rose 2.06%.