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Thursday, June 29, 2017

Market Daily Report: FBM KLCI ends flat despite a rebound on Wall Street

KUALA LUMPUR (June 29): The FBM KLCI ended the trading day almost flat, up only 0.13 points to close at 1,771.36 points, although the regional markets had been lifted by the rebound in the United States.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told “Yesterday night, the US market rebounded; ignoring the warning from US Federal Reserve chair Janel Yellen’s that stock valuations are rich in the US.”

“Our side (KLCI) took after the good sentiment from the US,” he added.
Wong noticed that the small- and mid-cap stocks had rebounded but not the big cap counters. Hence, the KLCI ended flattish.

Across the board, some 1.4 billion shares worth RM1.56 billion were traded. There were 490 gainers and 292 decliners.

Over in the US, Dow Jones Industrial Average gained 143.95 points to 21,454.61 on Wednesday — less 75 points from its record high of 21,528.99 points. Meanwhile, S&P 500 was up 21.31 points to 2,440.69 points, which is whisker away from its all time high of 2,453.46 points.
Elsewhere in Asia, Hong Kong’s Hang Seng Index was up 1.1% and South Korea’s Kospi rose 0.55%.

Reuters reported that Japan's Nikkei share average neared two-year highs on Thursday after Wall Street rebounded, with tech shares such as Advantest Corp and Shin-Etsu Chemical outperforming the overall market.

The Nikkei gained 0.45%to 20,220.30, moving closer to 20,318.11 hit last week, the highest level since August 2015, Reuters said.

Tech shares, which stumbled the previous day, rebounded after the Nasdaq overnight posted its best session since Nov 7, Reuters added.

Source: The Edge

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