Thursday 28 Mar 2024
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KUALA LUMPUR (March 6): The FBM KLCI rose 18.98 points or 1.11% to close at its intraday high on foreign institutional buying and after China said innovation would be a crucial component of the world's second-largest economy's restructuring.

At Bursa Malaysia, the KLCI closed at 1,727.36 points, with 3.01 billion shares worth RM2.63 billion traded. There were 567 gainers against 358 decliners.

In China, the Shanghai Stock Exchange Composite rose 0.48% while Hong Kong's Hang Seng climbed 0.18%.

Reuters reported that China stocks started the week on an upbeat tone as tech shares jumped after Premier Li Keqiang identified innovation as a key part of the economy's restructuring at the opening of the annual meeting of the country's parliament.

In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that foreign funds had been buying local shares.

"The big funds that have been quiet for a while are now seen to show good performance again. The KLCI is a lagged market compared to its regional peers, which had bottomed out earlier in the fourth quarter of 2016.

"It seems there were some catching-up buying done," Pong said.

 

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