KLCI breaks losing streak

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KUALA LUMPUR (Nov 17): The FBM KLCI rose 5.53 points or 0.33%, after declining for the past four consecutive days. The KLCI had tracked global markets' recovery from the shock of the recent terrorist attacks in Paris, France.

At 5pm, the KLCI settled at 1,661.53 points. Across Asia, Japan’s Nikkei 225 rose 1.22%, Hong Kong’s Hang Seng gained 1.15%, while South Korea’s Kospi climbed 1.06%.

According to Reuters, Asian stocks rose across the board on Tuesday, following a surge on Wall Street overnight, as investors clawed back losses that came on the back of last week's Paris attacks.

Meanwhile, expectations for a December rate hike by the Federal Reserve also kept the dollar on a bullish footing.

In Malaysia, Areca Capital Sdn Bhd's CEO, Danny Wong, told theedgemarkets.com: “The market rebounded following yesterday’s decline, in line with most markets in the region, which had staged a recovery."

However, it is unclear whether the rebound will be sustained, as the KLCI was seen recouping the index’s losses yesterday.

Today, Wong said the situation had not changed, as investors were still uncertain over the timeline for the potential interest rates hike by the US Federal Reserve, amid China growth worries.

Bursa Malaysia saw 2.16 billion shares, worth RM2.01 billion traded. Gainers outnumbered decliners at 533 against 379, while 346 shares were unchanged.

Daibochi Plastic And Packaging Industry Bhd led gainers, while top decliner was led Latitude Tree Holdings Bhd.

Borneo Oil Bhd warrant BORNOIL-WC was the top active entity.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)