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Tuesday, August 1, 2017

Market Daily Report: FBM KLCI higher with Maybank as Asian shares rise





KUALA LUMPUR (Aug 1): The FBM KLCI rose 5.1 points or 0.3% with Asian shares as investors bargain hunted for index-linked Public Bank Bhd and Malayan Banking Bhd (Maybank) shares.

At 5pm, the KLCI closed at 1,765.13 points while Public Bank rose 32 sen to RM20.60 to become Bursa Malaysia's fourth-largest gainer.
Maybank added 11 sen to RM9.65.

Across Bursa Malaysia, 1.82 billion shares worth RM2.24 billion were traded. There were 503 decliners compared with 271 gainers.

Actively-traded stocks included Frontken Corp Bhd and ManagePay Systems Bhd.

Analysts said overall market sentiment was still negative as the number of declining stocks on Bursa Malaysia outnumbered gainers.

“There is an improvement on the composite index today. However underlying overall sentiment is still negative as there are twice as many [decliners] than gainers today,” Inter-Pacific Research Sdn Bhd research head Pong Teng Siew told theedgemarkets.com

Asian shares rose. Japan's Nikkei 225 added 0.3% while Hong Kong's Hang Seng rose 0.79%.
Reuters reported that Asian shares rose on Tuesday as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in fine fettle with inflation staying well contained.


Source: The Edge

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