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Monday, May 8, 2017

Market Daily Report: KLCI rises with Asian markets after Macron win

KUALA LUMPUR (May 8): The FBM KLCI climbed 5.41 points or 0.3% along with Asian share markets as Emmanuel Macron's win in France's presidential election lifted investor sentiments.

Investors cheered Macron's win as the pro-European Union (EU) candidate's policies were seen bringing stability to world markets. At 5pm, the KLCI settled at its intraday high at 1,768.15 points.
Across Asia, Japan’s Nikkei 225 gained 2.31% while Hong Kong’s Hang Seng climbed 0.41%.

Reuters reported that the euro hit a six-month high against the dollar on Monday while Asian shares gained and US stock futures briefly touched a record high, on investor relief after centrist Macron comfortably won the French presidential election.

Macron's emphatic victory brought comfort to investors and European allies alike, who had been nervous about the risk of another populist upheaval, following Britain's vote to quit the EU and Donald Trump's election as US president — neither of which had been predicted by pollsters or bookmakers.

In Malaysia, Areca Capital Sdn Bhd chief executive Danny Wong told the local bourse was relieved from uncertainties, which put downward pressure on prices last week.

“There were a lot of uncertainties such as the status of Bandar Malaysia, slipping oil prices, anticipation on the French election and US jobs data, but you can see the number of companies with strong fundamentals bouncing back,” Wong said.

Across Bursa Malaysia today, there were 546 gainers against 388 decliners. A total of 4.01 billion shares worth RM2.43 billion changed hands.

TIME dotCom Bhd led gainers while Iskandar Waterfront City Bhd was the top decliner.

Source: The Edge

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