KUALA LUMPUR (Jan 26): The FBM KLCI rose 8.29 points or 0.5% to its intraday high today, after the U.S.' Dow Jones Industrial Average breached the 20,000 level for first time, amid crude oil price gains.
At 5pm, the KLCI settled at 1,692.22 points, following a hike in the final trading minutes on late buying of KLCI-linked Sime Darby Bhd shares.
Sime Darby shares rose 12 sen to RM8.82 to become Bursa Malaysia's ninth-largest gainer. Across Bursa Malaysia, 1.41 billion shares, worth RM1.76 billion, were traded. There were 432 gainers versus 308 decliners.
Mercury Securities Sdn Bhd research head Edmund Tham told theedgemarkets.com that the KLCI’s performance this week did not reflect the actual local market position.
“We can notice that volume is not so good throughout this week, ahead of the long holiday. For Thursday as an example, the market mostly followed the external markets’ trend. Perhaps we can have a clearer picture of the market, after Chinese New Year,” he said.
Overnight, the Dow Jones Industrial Average climbed 155.80 points or 0.78% to close at 20,068.51 points. Today, such sentiment had contributed to Asian share gains.
Japan’s Nikkei 225 climbed 1.81%, while Hong Kong’s Hang Seng rose 1.41%.
Reuters reported Asian stocks rose to 3-1/2-month highs on Thursday, cheered by the Dow Jones Industrial Average breaching the 20,000-level for the first time, though concerns about U.S. President Donald Trump's protectionist stance kept the dollar on the defensive.
Oil prices rose on Thursday, driven up by a weakening dollar, but gains were capped by plentiful supplies and inventories, despite an effort by OPEC and other producers to cut output and prop the market up. Brent crude futures were trading at US$55.56 per barrel at 0801 GMT, up 48 cents or 0.87% from their last close.