KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
KUALA LUMPUR (Jan 24): The FBM KLCI climbed 9.38 points or 0.6% on a stronger ringgit against a weakening U.S. dollar, amid higher crude oil prices.
At 5pm, the KLCI closed at its intraday high at 1,680.69 points. The ringgit strengthened to 4.4353 against the U.S. dollar at 5:36pm.
Reuters reported the dollar struggled in Asia on Tuesday, as U.S. President Donald Trump's focus on protectionism ahead of fiscal stimulus, fuelled suspicions his administration might be content to gain a competitive advantage through a weaker currency.
It was reported oil prices rose on Tuesday, on evidence the global market was tightening, as lower production by the Organization of the Petroleum Exporting Countries (OPEC) and other exporters drained stocks, although an increase in drilling in the U.S. could keep a lid on prices. Benchmark Brent crude was up 40 cents at US$55.63 a barrel by 0840 GMT. U.S. light crude was 40 cents higher at to US$53.15.
In Malaysia, Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com that recent developments relating to OPEC’s oil production cut agreement, along with the impact of a weakening U.S. dollar, were largely encouraging for the local market.
Leong also noted gains in banking shares like CIMB Group Holdings Bhd. CIMB added four sen to RM4.92 to become Bursa Malaysia's fourth most-active stock.
“We can see that there is buying support in both selective and heavyweight banking index," he said.
Across Bursa Malaysia, 1.56 billion shares, worth RM2.03 billion, were traded. There were 416 gainers and 353 decliners.
Source: The Edge
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