KLCI rises after Greece debt deal


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KUALA LUMPUR (July 14): The FBM KLCI rose 8.39 points or 0.49% after Greece reached a conditional deal with lenders.

At 12.30pm, the KLCI settled at 1,724.50. Malaysian shares had tracked gains in Asian markets like Japan's Nikkei 225, which advanced 1.65%.

Despite Greece debt deal with lenders, analyts said outstanding Malaysian political concerns linked to 1Malaysia Development Berhad (1MDB) might curb local share gains.

Hong Leong Investment Bank Bhd wrote in a note today trading sentiment was "not expected to improve significantly with lingering political uncertainties and the 1MDB saga."

Across the region, Reuters reported Asian shares and the euro were tentatively higher on Tuesday on hopes Greece's conditional bailout agreement would bring to an end, that country's debt crisis, though caution kept broad gains in check.

Meanwhile, oil prices skidded as the market awaited an announcement on a nuclear deal between Iran and six global powers that could lead to an easing of sanctions against Tehran and a resumption of its oil exports into an oversupplied market.

In Malaysia, Bursa Malaysia saw gainers led decliners by 429 to 224, while 292 counters traded unchanged. Volume was 829.67 million shares. valued at RM724.78 million.

Top gainers included British American Tobacco (M) Bhd and United Plantations Bhd. Top decliners included HCK Capital Bhd and Atlan Holdings Bhd.

LCTH Corp Bhd was the most-actively traded stock.