KLCI up 12.86pts on local institutional buying


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KUALA LUMPUR (July 31): The FBM KLCI inched up 0.8% as local institutional funds were seen as net buyers of Malaysian shares.

At 12:30pm, the KLCI settled at 1,712.78 points on gains in stocks like Petronas Dagangan Bhd, Petronas Gas Bhd and PPB Group Bhd. These stocks were among Bursa Malaysia top gainers.

BIMB Securities Sdn Bhd wrote in a note today that "trading participation (yesterday) saw net selling by foreign institutions and local retail, while local institutions were net buyers."

"We reckon the local market to remain weak in the near future with the continuous foreign selling, and expect to see immediate support at 1,690," BIMB said.

Today, Bursa Malaysia saw gainers outpacing decliners by 341 to 320, while 319 counters traded unchanged.

Volume was 879.71 million shares, valued at RM672.205 million.

Top decliners included Malaysia Airports Holdings Bhd and Top Glove Corp Bhd. The most actively-traded counters included VSolar Group Bhd and The Media Shoppe Bhd.

Across the region, Japan's Nikkei 225 was up 0.07%, while Hong Kong's Hang Seng increased 0.4%. South Korea's Kospi fell 0.16%.

Reuters reported Asian shares inched higher on Friday, but were still set to post a loss for the month, while the dollar edged away from highs scaled after U.S. GDP data reinforced expectations that the Federal Reserve is likely to raise interest rates this year.

Investors also awaited more earnings from blue-chip companies and looked for signs of whether China's volatile stock markets were starting to take a toll on its economy.

In the latest of several attempts to bolster China's stock market, the securities regulator clamped down on trading accounts that had been found to have abnormal bids for shares or bid cancellations.