KLCI rises slightly as investors shift focus to corporate results

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KUALA LUMPUR (Feb 21): The FBM KLCI gained 2.18 points or 0.12% to close at 1,858.17 today on marginally improved market sentiment as investors focussed on fourth quarter financial results.   

"The local market is currently not so heavily affected by other international markets, as local investors are shifting their focus to the Malaysian corporate results season," said Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said.

"So far, most companies reported year-on-year fourth quarter improvement. As it is still going on, we just need to wait and see if this improvement is broad-based," Wong told theedgemarkets.com.

JF Apex Securities Bhd research analyst Lee Cherng Wee said the KLCI only rose marginally today as there were not many positive surprises from the financial results released so far to excite the market.

A total of 2.28 billion shares worth RM2.531 billion were traded across Bursa Malaysia, with gainers leading losers 557 to 311, while 458 counters closed unchanged.

Top gainers were Ajinomoto (M) Bhd, Hengyuan Refining Company Bhd and Nestle (M) Bhd, while top losers were Dutch Lady Milk Industries Bhd, Batu Kawan Bhd and UMS Holdings Bhd.

Elsewhere in Asia, South Korea's KOSPI rose 0.55% and Hong Kong's Hang Seng rose 1.2%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7% after slipping earlier in the session following the US market losses, which snapped a six-session winning streak, Reuters reported.