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Friday, December 30, 2016

Market Daily Report: KLCI closes year's final trading day higher on window dressing

KUALA LUMPUR (Dec 30): The FBM KLCI inched up at the eleventh hour to finish the last trading day of the year higher on window dressing in selected counters.

The benchmark index closed at 1,641.73 points, up 3.8 points or 0.23% when compared to Thursday's close.

Top gainers, which advanced in late trading, included British American Tobacco (Malaysia) Bhd (BAT), Nestle (Malaysia) Bhd, Petronas Dagangan Bhd and KLCC Stapled Group.

Earlier, Malacca Securities Sdn Bhd analyst Kenneth Leong told that the market was down on profit-taking by some investors following three days of gains by the KLCI.
"The performance of the index [is] also in tandem with the weak performance from the overnight Wall Street," he added.

Going forward, he expects the key index to trade between 1,610 and 1,650 points as there was no catalyst in sight yet.

"Further, there was also uncertainty surrounding the policy of the Donald Trump presidency," he said.
Sector wise, Leong said investors may take a look at the oil and gas sector as oil price was trading at near 18-month high, underpinned by the optimism over a deal to curb outputs.

Overall market sentiment was mixed, with 404 advancers versus 362 decliners, while 349 counters were unchanged.

Total volume amounted to 1.45 billion shares worth RM1.76 million.
Gainers were led by BAT, while losers were led by Hang Seng Index related warrants HSI-H81 and HSI-C86, followed by Kuala Lumpur Kepong Bhd.

The most actively traded stock was Borneo Oil Bhd.

Across the region, Japan's Nikkei 225 fell 0.16%, but Hong Kong's Hang Seng gained 0.97%, Shanghai Composite Index rose 0.24% and South Korea's Kospi edged up 0.1%.

Reuters reported that Asian stocks looked set to end 2016 on an upbeat note, with the benchmark headed for its first annual gain in three years, while the US dollar reversed earlier losses and oil was poised to record its biggest gain in seven years.

Source: The Edge

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