KLCI rebounds above 1,700pts; ringgit strengthens

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KUALA LUMPUR (July 9): The FBM KLCI gained 5.71 points or 0.3% to finish at 1,701.54, tracking a rebound in regional markets.

In Malaysia, 1Malaysia Development Bhd (1MDB) concerns were temporarily allayed on news reports saying nothing suspicious was found in the National Audit Department's interim report on the company.

At 5pm, the KLCI rose on gains in stocks like Genting Bhd and AMMB Holdings Bhd. Genting was the fifth-largest gainer across Bursa Malaysia.

Interpacific Securities Sdn Bhd's senior dealer Sam Ng said the KLCI's rebound was in line with Asian markets, as the decline in China stocks were temporarily stemmed by state intervention.

“The market looks stable today, with a slight return of investor confidence, as the Auditor-General did not find anything suspicious with 1MDB’s accounts in its interim report,” Ng told theedgemarkets.com.

Bursa Malaysia saw 1.82 billion shares, worth RM1.827 billion, transacted. There were 557 gainers versus 271 decliners.

Top decliners included British American Tobacco (M) Bhd and Panasonic Manufacturing Malaysia Bhd.
 
Multi Sports Holdings Ltd was the top-active stock.

In currency markets, the ringgit strengthened to 3.7952, after breaching 3.8000 in recent days.

Reuters, quoting traders, reported the ringgit rose as the central bank was spotted intervening around its session low of 3.8080 per dollar.
Asian shares rose. Hong Kong's Hang Seng was up 3.73%, South Korea’s Kospi climbed 0.58%, while Japan’s Nikkei 225 rose 0.6%.

Today, Reuters reported most Asian shares recouped early losses and rose as battered Chinese markets rebounded, while the safe-haven yen was pushed off highs scaled against the dollar.

It was reported Europe appeared ready to keep marching to a different tune, with the mood more sanguine, after Greece was given more time to hammer together a compromise on its debt.