FBM KLCI flat after rising with Petronas Chemicals

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KUALA LUMPUR (Feb 17): The FBM KLCI ended 0.09 point higher, as cautious investors took profit after the index rose on Petronas Chemicals Group Bhd share gains. Petronas Chemicals shares climbed on earnings growth expectation.

At 5pm, the KLCI closed at 1,707.68 points, after climbing to its intraday high at 1,711.75 points. KLCI-linked Petronas Chemicals shares rose 20 sen to RM7.50 to become Bursa Malaysia's fourth-largest gainer.

On the KLCI, Public Investment Bank Bhd research head Ching Weng Jin told theedgemarkets.com: “Today’s rally is rather broad-based and for the short-term, we should see the local bourse benchmark index floating above 1,700-points.” 

“There is still risk appetite, but investors are likely to remain cautious,” Ching said.

Bursa Malaysia saw 2.28 billion shares, valued at RM2.46 billion changing hands. Decliners outnumbered gainers at 431 versus 427 respectively.
  
Asian share markets fell. Japan’s Nikkei 225 declined 0.58%, while Hong Kong’s Hang Seng fell 0.31%.
 
Reuters reported Asian stock markets took a breather on Friday from their recent surge, as investors booked profits, while the dollar inched up after Thursday's slide, and as optimism over possible renewed supply cuts by OPEC lifted oil prices.