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Tuesday, April 25, 2017

Market Daily Report: KLCI ends higher in tandem with regional markets

KUALA LUMPUR (April 25): Malaysian stocks closed on a positive note today, in tandem with regional stock markets which finished up as relief took hold on the results of Sunday's election in France.

The FBM KLCI ended the day up 9.75 points or 0.56% at 1,765.80. The market traded between an intra-day high of 1,765.94 and a low of 1,758.47 today.

A total of 3.66 billion shares valued at RM3.113 billion changed hands. Market breadth was positive with 559 gainers, 388 losers and 377 counters traded unchanged on Bursa Malaysia.

"We are catching up with the US and European markets, which have [risen] overnight," Etiqa Insurance and Takaful head of research Chris Eng told

"The KLCI will continue to outperform the global and regional markets given the delayed effect, but it still depends on the global markets.

"However, we are getting closer to May when profit-taking will become more apparent. I am less positive towards the local market now than I was when it was 100 points lower," he added.

Concentrated buying will continue to weigh on banks, said Eng, with gainers such as Hong Leong Financial Group Bhd and Aeon Credit Service (M) Bhd continuing to be the market movers.

The top gainer was Nestle (Malaysia) Bhd, while British American Tobacco (Malaysia) Bhd led the decliners' list.

Elsewhere, regional markets have responded positively to the victory of market favourite Emmanuel Macron in the first round of the French presidential election, Reuters reported. Japan's Nikkei 225 rose 1.08%, South Korea's Kospi was up 1.06%, while Hong Kong's HSI gained 1.31%.
The ringgit edged higher against the greenback. At 5pm, the local currency gained 0.7% at 4.3685 to the US dollar.

Source: The Edge

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