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Wednesday, August 2, 2017

Market Daily Report: FBM KLCI rises on KLK, PPB as Lotte rebounds

KUALA LUMPUR (Aug 2): The FBM KLCI rose 5.48 points or 0.3% on bargain hunting in index-linked plantations stocks Kuala Lumpur Kepong Bhd (KLK) and PPB Group Bhd. Lotte Chemical Titan Holding Bhd's share rise could have also improved broader market sentiment.

At 5pm, the KLCI closed at 1,770.61 points. KLK and PPB rose 12 sen each to RM24.72 and RM16.90 respectively.

Lotte Chemical Titan rose 14 sen to RM4.42 to become Bursa Malaysia's 10th most-active stock.
Lotte Chemical Titan shares had declined in recent days after the company said net profit dropped to RM113.62 million in the second quarter ended June 30, 2017 (2QFY17)from RM404.03 million a year earlier.

Today, TA Securities Holdings Bhd senior technical analyst Stephen Soo told that the KLCI rose mainly due to buying interest in selected heavyweight plantation stocks such as KLK and PPB.

“[However], generally the trend is still cautious. The broader market is still in profit taking and consolidation mode,” said Soo.

Across Bursa Malaysia, 1.8 billion shares worth RM1.75 billion were traded. There were 362 gainers and 429 decliners.

Malaysian shares rose with Asian share markets. Japan’s Nikkei 225 rose 0.47%, Hong Kong’s Hang Seng was up 0.24% while South Korea’s Kospi gained 0.19%.

Reuters reported that Japan's Nikkei share average rose to a 1½ week high on Wednesday, supported by strong domestic earnings as well as a rally among Apple's suppliers after the iPhone maker reported robust profits.

It was reported that the dollar has been weighed down by political turmoil gripping Washington and largely uninspiring US economic data, which is adding to uncertainty about the pace of future US Federal Reserve policy tightening.

Source: The Edge

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