KLCI rises on Tenaga as Asian shares gain

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KUALA LUMPUR (Jan 11): The FBM KLCI rose 3.16 points or 0.2% with Asian shares, as investors waited for US President-elect Donald Trump's press conference later today.  

Trump's press conference is closely watched for clues on the U.S.' policies, when he becomes president. Trump's inauguration will be held this Jan 20.

At Bursa Malaysia today, the KLCI closed at 1,675.21 points lifted by stocks like Tenaga Nasional Bhd, which added 20 sen to RM14. KLCI entity Tenaga was Bursa Malaysia's fourth-largest gainer.

Bursa Malaysia saw 2.76 billion shares, worth RM2.02 billion traded. There were 467 gainers against 324 decliners.  

Fund managers said they were mindful on the sustainability of Malaysian share gains, as trade volume was expected to drop due to the Chinese New Year, which falls on Jan 28 this year. 

“There is some recovery in the Malaysian market. But it is still unknown whether the recovery is sustainable. In the coming weeks, the trading volume is expected to fall due to Chinese New Year,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.

Asian shares rose. Japan’s Nikkei 225 gained 0.33%, while Hong Kong's Hang Seng rose 0.84%.

Reuters reported Asian shares rose to two-month highs on Wednesday, as investors looked to Trump's news conference later in the day for clues on his policies on taxes, fiscal spending, international trade and currencies.

"There are underlying expectations that Trump's tax cuts and infrastructure spending will boost the U.S. economy, which should support markets," Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management was quoted as saying.