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Monday, September 11, 2017

Market Daily Report: FBM KLCI up on North Korea cue as Hengyuan renews investor confidence






KUALA LUMPUR (Sept 11): THE FBM KLCI closed 2.84 points or 0.2% higher today with Asian shares after North Korea refrained from missile launches during the 69th anniversary of North Korea’s founding on Saturday.

In Malaysia today, investor confidence also grew amid improved performance of shares in downstream oil and gas-related companies like Hengyuan Refining Co Bhd, Petron Malaysia Refining & Marketing Bhd and Lotte Chemical Titan Holding Bhd. At 5pm, the KLCI closed at 1,782.74 points.

“Investors are reacting to changes in direction of petrochemical and refining companies’ stocks,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

Hengyuan, Petron and Lotte were among Bursa Malaysia top gainers. Hengyuan closed 47 sen higher at RM8.21, Petron added 43 sen to RM9.83 while Lotte rose 26 sen to RM5.77.

Across Bursa Malaysia, gainers outnumbered decliners at 502 and 312  respectively. A total of 2.73 billion shares worth RM2.16 billion changed hands.

Malaysian shares rose with Asian equities on North Korea's latest geopolitical sentiment. Japan's Nikkei 225 rose 1.41% while Hong Kong’s Hang Seng closed 1.04% higher.
South Korea’s Kospi addded 0.66%.


Source: The Edge

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