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Friday, March 4, 2016

Market Daily Report: FBM KLCI higher but unable to break 1,700 level

The market is responding to the seemingly stable and higher crude oil prices. Regionally across Asian, the market has been on the uptrend, except for South Korea.

According to Reuters, Japan's Nikkei 225 closed up 0.32%, while Hong Kong's Hang Seng added 1.18%.

As for the Bursa Malaysia, the FBM KLCI rose higher by 4.29 points to close at 1,692.49 points, unable to break the 1,700 level.


At Bursa Malaysia, the bourse saw 1.78 billion shares, worth RM2.16 billion, traded.

Decliners led gainers by 463 to 334.

Although the KLCI rose, the FBM Small Cap Index fell 17.77 points or 0.12% to 15,249.690, on profit taking.

Bursa's top gainers included banking stocks like Public Bank Bhd, CIMB Group Holdings
Bhd, Hong Leong Financial Group Bhd and AMMB Holdings Bhd.

Top decliners included British American Tobacco (M) Bhd, Petronas Dagangan Bhd and Kuala Lumpur Kepong Bhd.

Meanwhile, the most active counters included AirAsia X Bhd and AirAsia Bhd. Both the AirAsia companies have been on an active trade after a rather impressive quarter report.

Reuters reported Asian shares looked set on Friday to post their strongest week in five months, as global investors returned to riskier assets, after a string of positive U.S. economic data and a bounce in oil and commodity prices.

The rebound could continue if the February U.S. employment report later in the session shows job gains but remains weak enough to discourage Federal Reserve rate increases in the near term.

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