KLCI rises on global market rally as UMNO meeting takes centre stage

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KUALA LUMPUR (Sept 9): The FBM KLCI rose 16.24 points or 1%, as Asian share markets climbed substantially after overnight US market gains.

At 5pm, the KLCI breached 1,600 points to close at 1603.36, lifted by shares like SapuraKencana Petroleum Bhd, AMMB Holdings Bhd, Astro Malaysia Holdings Bhd and Genting Malaysia Bhd.

Japan's Nikkei 225 soared 7.71%, Hong Kong’s Hang Seng gained 4.1%, while South Korea’s Kospi rose 2.96%. In Malaysia, remisiers said investors were eyeing the outcome of the UMNO supreme council meeting today.
“The local market is not as excited as the other markets in the region, as investors are waiting to see the outcome of the UMNO supreme council meeting.

“If the index can break the 1,654-point level, it should be able to go up again,” a remisier told theedgemarkets.com.

The UMNO supreme council meeting is the first after former Deputy Prime Minister Tan Sri Muhyiddin Yassin was dropped from the Cabinet, post the recent reshuffle.

Today, the focus is on whether Muhyiddin, who is also UMNO deputy president, can maintain his position in the party.   

Bursa Malaysia saw 666 gainers against 228 decliners today, with 2.56 billion shares, worth RM2.46 billion, having changed hands.

Top gainer was United Plantation Bhd, while top decliner was Hang Seng-linked put warrant HIS-HM.

The most-active counter was The Media Shoppe Bhd.

In currency markets, the ringgit strengthened to 4.3130 against the US dollar, and appreciated to 3.0447 versus the Singapore dollar.

Reuters reported most emerging Asian currencies rose on Wednesday, as sharp rebounds in global equity markets boosted risk sentiment, and on hopes of more stimulus by China.

The Malaysian Statistics Department will announce the country's July industrial production data at noon tomorrow (Sept 10). The Malaysian Palm Oil Board is also scheduled to announce its August inventory and output data.