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Wednesday, April 26, 2017

Market Daily Report: FBM KLCI tracks Asian, US market gains; ringgit strengthens

KUALA LUMPUR (April 26): The FBM KLCI rose 3.12 points or 0.2% as Asian shares tracked overnight US equity gains. US shares rose on positive corporate results there.
In Malaysia, the KLCI closed at 1,768.92 points at 5pm. Across Asia, Japan's Nikkei 225 rose 1.1% while Hong Kong’s Hang Seng gained 0.5%.

In the US, Reuters reported that the Dow Jones Industrial Average rose 232.23 points, or 1.12 percent, to 20,996.12, the S&P 500 gained 14.46 points, or 0.61 percent, to 2,388.61 and the Nasdaq Composite added 41.67 points, or 0.7 percent, to 6,025.49.

It was reported that the Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America.
In Malaysia, Mercury Securities Sdn Bhd research head Edmund Tham told that today’s equity gains factored in the strengthening ringgit and spill-over effects from the Nasdaq.

The ringgit strengthened to 4.3485 against the US dollar at 5.48pm. The exchange rate so far today was between 4.3472 and 4.3685.
The ringgit appreciated as the US dollar weakened on Emmanuel Macron's win against anti-euro nationalist Marine Le Pen during the first round of France's presidential elections. Macron's win has reduced economic and market uncertainty, hence, less haven demand for the US dollar.

Tham said : “Other factors to look out for this week include the progress on Trump’s tax reform, as well as central bank meetings in Japan and Europe."

Across Bursa Malaysia, there were 506 gainers against 410  decliners. A total of 3.55 billion shares worth RM3.13 billion were traded.

Hong Leong Financial Group Bhd was the top gainer after rising 32 sen to close at RM16.52.

Source: The Edge

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