KLCI marginally higher at 11th hour

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KUALA LUMPUR (Aug 18): The FBM KLCI gained 0.55 point to close at 1,694.87 points in the final trading minutes on bargain hunting. The KLCI erased losses after falling, possibly, on Japan shares' substantial drop.

The KLCI had earlier fallen to its intraday low of 1,690.44 points.

Yesterday (Aug 17), the index dropped 5.57 points.

Across Asia today, Japan's Nikkei 225 fell 1.55% while Hong Kong's Hang Seng and South Korea's Kospi gained 0.98% and 0.57% respectively.

Reuters reported that Asian shares are on track for their biggest single-day rise in nearly two weeks while the greenback retreated after minutes of the US Federal Reserve's latest meeting showed that the chances of a September rate hike are looking pretty slim.

Japan's Nikkei share average dropped to a near two-week low on Thursday, as a strong yen soured investor risk appetite and dragged stocks lower across the board.

In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that there was more interest in small-to-mid cap stocks compared to blue chips.

"There was more action in the small caps today as there was some selldown in a few of these stocks. On the other hand, the KLCI was a bit lacklustre today," Pong said.

Bursa Malaysia saw 2.85 billion shares valued at RM1.99 billion traded. Decliners beat gainers at 439 against 384 respectively.

Aeon Credit Service (M) Bhd led gainers while Dutch Lady Milk Industries Bhd was the top decliner. The most-actively traded stock was AirAsia X Bhd.