KLCI rises 1.09%, crosses 1,700-level

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KUALA LUMPUR (Dec 30): The FBM KLCI rose 1.09% and crossed the psychologically crucial 1,700-point level at mid-morning today, pushed by year-end window dressing.

At 10am, the FBM KLCI rose 18.70 points to 1,704.06.

The top gainers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Sime Darby Bhd, PPB Group Bhd, Guiness Anchor Bhd, Tenaga Nasional Bhd, My E.G. Services Bhd, IOI Corporation Bhd, Hong Leong Bank Bhd and Public Bank Bhd.

The actives included Instacom Group Bhd, Red Sena Bhd, 1 Utopia Bhd, Borneo Oil Bhd, Heng Huat Group Resources Bhd and Comintel Corporation Bhd.

The top losers included United Plantations Bhd, Kossan Rubber Industries Bhd, Globetronics Technology Bhd, Chee Wah Corporation and Apollo Food Holdings Bhd.

Asian shares glided higher in early trading on Wednesday, taking their cues from overseas gains, although investors are cautiously watching to see whether renewed selling in crude oil futures will dent sentiment, according to Reuters.

"After a strong U.S. and European session, Asian markets are all looking for further gains today," Angus Nicholson, market analyst at IG in Melbourne, said in a note to clients, it said.

Hong Leong IB Research said that on the back of overnight rally in Dow and rebound in oil prices, seasonal year-end window-dressing actions will continue to remain visible in the final two trading days of 2015 to spur the FBM KLCI towards its envisaged 1697-1700 targets, supported by bullish technical indicators, Valuecap factor, expectations of more “flexible” monetary policy and more “forceful” fiscal measure from China (following recent sluggish economic data) and ongoing progresses of 1MDB saga.