KLCI up 14.7 points, buoyed by banking, consumer stocks

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KUALA LUMPUR (Dec 26): The FBM KLCI closed 14.70 points or 0.84% higher today, in line with other Asian markets, and lifted by banking and consumer stocks although trading volume remained thin.

The benchmark index settled at 1764.44 points at 5pm today.

“The rise in some banking counters has contributed to the KLCI rising by 14 points today,” Sam Ng, Interpacific Securities Sdn Bhd remisier told theedgemarkets.com.

“The year-end window dressing continues even as the market remains quiet,” he noted.

Overall, a total of 846.49 million shares valued at RM870.11 million were traded.

There were 436 gainers against 255 decliners, while 301 counters remained unchanged.

Today’s top gainers included Public Bank Bhd, Fraser & Neave Holdings Bhd, and Syarikat Takaful Malaysia Bhd

Meanwhile, decliners were led by Tecnic Group Bhd, Lafarge Malaysia Bhd, and Perduren (M) Bhd.

The most actively traded stock today was Hubline Bhd, with about 70 million shares changing hands.

Regionally, Hong Kong’s Hang Seng was up 0.07%, Japan’s Nikkei was 0.06% higher, and South Korea’s Kospi was also higher by 0.08%.

According to Reuters, the US dollar edged up against the yen in light of bargain hunting, with some markets gradually picking up after the Christmas holiday.

“Market participants expected it would still take a bit of time for business to resume in full swing, with key markets in the region such Australia, Hong Kong and Singapore closed on Friday,” it said.

According to Bloomberg, emerging markets rose with the benchmark index heading for the biggest weekly advance in five weeks, as Chinese equities gained on speculation the government is taking more measures to bolster the economy.

It added that the People’s Bank of China plans to temporarily waive a requirement for lenders to set aside reserves for some deposits, has a broader impact on Asia stocks, given the currently low activity in the market.