FBM KLCI at intraday high after Malaysia's industrial output beats forecast

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KUALA LUMPUR (Aug 11): The FBM KLCI rose 5.77 points or 0.3% after Malaysia announced its June industrial production growth, which beat market forecast.

At 5 p.m., the KLCI closed at its intraday high at 1,678.80 points. The index erased losses, after dipping to its intraday low at 1,670.63 points.

The Statistics Department announced today that Malaysia’s industrial production index (IPI) expanded 5.3% in June, from a year earlier, driven by manufacturing, mining and electricity output growth.

JF Apex Securities Bhd wrote in a note today that the 5.3% IPI expansion was above the research firm's and consensus forecast.
 
“The result was above our expectation and market consensus of +2.9% and +2.5% respectively. The stronger-than-expected result was due to positive growth in manufacturing and electricity indexes, coupled with quickened growth in [the] mining index,” JF Apex said.

Bursa Malaysia saw 416 advancers versus 381 decliners. A total of 1.85 billion shares, valued at RM1.66 billion, exchanged hands.

Top gainer was Aeon Credit Service (M) Bhd, while leading decliner was Fraser & Neave Holdings Bhd. The most actively-traded counter was TH Heavy Engineering Bhd.

Tomorrow, Bank Negara Malaysia will announce the country's second quarter gross domestic product (GDP) numbers.

During the first quarter of this year, the nation's GDP grew 4.2% from a year earlier.