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Thursday, July 6, 2017

Market Daily Report: KLCI rises on IOI Corp's 11th hour gains

KUALA LUMPUR (July 6): The FBM KLCI gained 2.37 points or 0.1%, mainly on index-linked IOI Corp Bhd's 11th-hour share price spike.

At 5pm, the KLCI closed at its intraday high at 1,770.53 points, after falling to its intraday low at 1,765.75 points. IOI Corp shares rose 15 sen to close at RM4.61 to become Bursa Malaysia's seventh-largest gainer.

Earlier, the KLCI had fallen as investors sold stocks, including AMMB Holdings Bhd. At 5pm, AMMB shares fell 12 sen to RM4.99 to become Bursa Malaysia's fifth-largest decliner.

AMMB shares fell on profit taking and after Malaysia's Retirement Fund (Inc) chief executive officer Datuk Wan Kamaruzaman Wan Ahmad said the fund was keen on purchasing Australia and New Zealand Banking Group Ltd’s stake in the proposed RHB Bank Bhd-AMMB Holdings Bhd merged entity.
Across Bursa Malaysia, 1.55 billion shares worth RM1.75 billion were traded. Decliners beat gainers at 485 against 329 respectively.

Public Investment Bank Bhd research head Ching Weng Jin noted the subdued activity in the local market, as market participants kept an eye on external developments.

“The market has been a bit quieter, it’s taking a breather. There is nothing much happening domestically, so people are just waiting on the external developments overseas,” Ching said.
Asian share markets fell. Japan’s Nikkei 225 fell 0.44%, while Hong Kong’s Hang Seng dropped 0.22%.

Reuters reported most Asian stock markets fell on Thursday, after minutes from the Federal Reserve's last meeting showed a lack of consensus on the future pace of US interest rate increases, while oil prices inched higher, following a steep decline a day earlier.

Source: The Edge

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