KUALA LUMPUR (Jan 29): The FBM KLCI rose 13.71 points or 0.8% as investors reacted positively to Malaysia's recalibrated Budget 2016, crude oil gains and a stronger ringgit.

At 12.30pm, the KLCI settled at 1,648.24. The ringgit strengthened to 4.1543 against the US dollar.

At the time of writing, March futures for West Texas Intermediate crude oil rose to US$33.51 per barrel, while Brent crude oil climbed to US$34.15 per barrel.

The rise in crude oil prices caused US markets to surge overnight, JF Apex Securities Bhd said in a note today.

“Following the positive sentiment in Wall Street, the KLCI could extend its winning streak with resistance at 1,645 points,” JF Apex said.

Yesterday, Prime Minister Datuk Seri Najib Tun Razak announced that the government would maintain its 2016 fiscal deficit target for Malaysia at 3.1% of gross domestic product (GDP), although GDP growth forecast was revised to between 4% and 4.5%.

Across Bursa Malaysia today, gainers led decliners by 524 to 261. Volume was 1.13 billion shares, valued at RM1.62 billion.

Top gainers included Petronas Gas Bhd and Hong Leong Financial Group Bhd. Major decliners included Kossan Rubber Industries Bhd and Maxis Bhd.

KNM Group Bhd, which offers oil and gas support services, was the most actively-traded counter.

Across Asia, Reuters reported Asian shares jumped on Friday and the yen swooned after the Bank of Japan stunned markets by adopting negative interest rates, in its boldest step yet to reinflate the long-languishing economy.

The yen fell across the board and sovereign bonds rallied after Japan's central bank said it would charge 0.1% for excess reserves parked with the institution, an aggressive policy pioneered by the European Central Bank.

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