KLCI gains 0.17% as Asian markets stabilise

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KUALA LUMPUR (Oct 3): The FBM KLCI rebounded for 0.17% gain after ending lower for the past three consecutive days. Asian markets rose.

The KLCI gained 3.14 points to closing at 1,840.82 as stocks like Tenaga Nasional Bhd rose.

Danny Wong, CEO of Areca Capital, said the KLCI rebounded as US markets had stabilised.

Wong, however, said there had not been much activity in the Malaysian market as investors waited for the Budget 2015 announcement next Friday (Oct 10).

“Everyone is still waiting for the announcement on Budget 2015,” he told theedgemalaysia.com.

On the events unfolding in Hong Kong, Wong said there might be some spill over effect on China. But it should not have a significant impact on the KLCI, according to him.

Bursa Malaysia saw some 1.71 billion shares valued at RM1.5 billion traded. Decliners edged gainers at 408 against 367 while 349 counters remain unchanged.

Top gainers included Nestle (M) Bhd, Tenaga and LTKM Bhd, while United Plantations Bhd led decliners.

The counter with the highest trades was SKP Resources Bhd warrants SKPRES-WA after the company announced plans to buy Tecnic Group Bhd’s operating units for RM200 million.

Regionally, Japan’s Nikkei rose 0.30% while Hong Kong’s Hang Seng gained 0.57%.

Reuters reported that Asian stocks steadied on Friday as Hong Kong shares rebounded from multi-month lows but they were still on track for a fourth straight week of losses amid worries about global growth.

Uncertainty about U.S. nonfarm payrolls data due later in the day contributed to a volatile session as did lower volumes with several major centers, including India and China, shut for public holidays.