KLCI up on Petronas-linked counters' gain
KUALA LUMPUR (Aug 15): The FBM KLCI closed 2.16 points or 0.12% higher, backed by gains in Petronas-linked counters and as investors bought shares of export-based companies. Asian markets fell as concerns on China's economic growth and Turkey's
financial crisis lingered.
At Bursa Malaysia, the KLCI closed at 1,785.94 points on gains in KLCI-linked stocks like Petronas Chemicals Group Bhd, Petronas Dagangan Bhd and Hartalega Holdings Bhd.
Malaysian shares bucked the Asian share downtrend. In China, the Shanghai Stock Exchange Composite dropped 2.08% while Hong Kong’s Hang Seng fell 1.55%. Elsewhere, Japan’s Nikkei 225 fell 0.68%.
Reuters reported that Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis. It was reported that signs of the world's second-largest economy losing momentum and the ongoing Sino-US trade conflict have weighed on Chinese equities.
In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee said investors were leaving small-capitalisation stocks and heading towards export-oriented companies as the ringgit weakened to the 4.1000 level against the US dollar today.
“But market participants are not selling as strong as other regional currencies. We are still seeing very strong year-to-date performance of the ringgit. That is a plus point,” Low told theedgemarkets.com.
Across Bursa Malaysia, trading volume stood at 2.4 billion shares worth RM2.03 billion. Top gainer Petronas Dagangan rose 48 sen to RM26.70.