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Friday, February 10, 2017

Market Daily Report: FBM KLCI rises over 10pts on Wall Street gains, Chinese trade data

KUALA LUMPUR (Feb 10): The FBM KLCI rose 10.44 points or 0.62% to 1698.94 today, boosted by strong overnight gains on Wall Street and China’s positive January trade figures.

The broader market was also higher with 542 gainers as against 338 losers. Total turnover was 2.69 billion shares, valued at RM2.42 billion.

Top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd. The leading losers included United Plantations Bhd, Petronas Gas Bhd and Far East Holdings Bhd.

“We are looking at good figures on the FBM KLCI today,” said TA Securities Holdings Bhd senior technical analyst Stephen Soo.

“Wall Street’s performance, which was triggered by (U.S. President Donald) Trump’s announcement of plans to lower taxes on American businesses, was definitely a catalyst of this uptrend,” Soo told over the phone.

He said China’s trade data was another factor for the bullish market sentiment. According to the data, the country’s imports from the U.S. climbed 23.4% in January (the best record ever posted in a year), whereas exports — led by electronics — rose 7.9%, after 2016 shipments dipped almost 8%.

“It can be well said that the FBM KLCI’s performance today is driven by external and globally-led rallies. Investors are beginning to break out of the ‘psychological resistance’,” said Soo.
Reuters reported Asian shares reached an 18-month peak, on the back of better investor confidence, following Chinese trade data and gains on the Wall Street.

Japan’s Nikkei 225 inched up 2.49%, Hong Kong’s Hang Seng Index rose 0.21%, and South Korea’s Composite Stock Price Index dipped 0.45%.

Source: The Edge

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