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Monday, August 7, 2017

Market Daily Report: FBM KLCI higher on Hong Leong Bank spike ahead of US job report

KUALA LUMPUR (Aug 4): The FBM KLCI rose 2.63 points or 0.1% mainly on  index-linked Hong Leong Bank Bhd and Public Bank Bhd shares' 11th-hour spike and as investors waited for the US employment report.

At 5pm, the KLCI closed at 1,774.53 points. Hong Leong Bank shares rose 34 sen to RM16 while Public Bank added 16 sen to RM20.76.

Hong Leong Bank and Public Bank were Bursa Malaysia's third and ninth largest gainers respectively. The KLCI had also risen on Petronas Gas Bhd share gains.

Despite the KLCI's gain, Bursa Malaysia decliners outnumbered gainers at 397 to 361 respectively. Bursa Malaysia's trading volume stood at 1.42 billion shares worth RM1.47 billion ringgit.

“On the broader market, sentiment is still weak as investors continue to book profits from the rally in the stock market which was seen since December,” Malacca Securities Sdn Bhd analyst Kenneth Leong  told theedgemarkets.

"Investors are also anticipating positive US employment statistics, which is scheduled to be released later today," Leong said.

Across Asian share markets, Japan’s Nikkei 225 fell 0.38% while South Korea’s Kospi rose 0.36%. In China, Hong Kong's Hang Seng added 0.12% while the Shanghai Stock Exchange Composite fell 0.33%.

Reuters reported that Asian stocks inched up on Friday after a technology-led drop on Wall Street, with gains kept in check by investors' reluctance to stake out fresh positions ahead of US jobs data later in the global day.

It was reported that Japan's Nikkei share average decreased as the yen's rise to seven-week highs overshadowed optimism on corporate earnings.

Source: The Edge

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