KLCI up with regional markets; Maybank falls

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KUALA LUMPUR (May 27): The FBM KLCI rose 6.1 points or 0.37%, tracking Asian share market gains. Asian shares rose following positive US economic data, which led to US interest rate rise expectations.

In Malaysia, the KLCI finished at 1,637.19 points at 5pm. Acoss Asia, Japan’s Nikkei 225 rose 0.37%, while Hong Kong’s Hang Seng was up 0.88%.
 
Reuters reported Asian stocks pulled ahead on Friday after U.S. data continued to cast the economy in a positive light, while the dollar was on the defensive against major peers.

U.S. data on Thursday showed durable goods orders, pending home sales and initial jobless claims coming in strong, while capital goods orders and the Kansas City Fed manufacturing survey were weak.

In Malaysia today, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew said the KLCI lacked catalysts.
 
“There was not much liquidity in the market today to begin with, hence the FBM KLCI’s performance was not so exciting, compared to that of the regional markets,” Pong said.

Bursa Malaysia saw 1.84 billion shares, valued at RM1.94 billion, traded. There were 403 gainers against 390 decliners.
 
Top gainer was British American Tobacco (M) Bhd, while leading decliners included Nestle (M) Bhd and Malayan Banking Bhd (Maybank). AirAsia Bhd was the most active counter.

Maybank shares fell 10 sen to RM8.27, after the group said net profit declined to RM1.43 billion in the first quarter ended March 31, 2016, from RM1.7 billion a year earlier.