KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
Hong Kong Exchanges & Clearing Ltd (HKEX) posted a 7% increase in third-quarter profit, driven by a jump in investment income. The exchange reported a net income of HK$3.145 billion (US$405 million), slightly above the consensus estimate of HK$3.113 billion, according to a survey of analysts by Bloomberg.
The results are expected to improve further in the fourth quarter after China implemented a series of stimulus measures in late September, which boosted trading volumes. Average daily volumes surged to about HK$300 billion, more than double the yearly average, supported by Hong Kong’s interest rate cuts that bolstered investor confidence.
HKEX's CEO Bonnie Chan remarked that the vibrancy of Hong Kong's markets was evident in late September, with investor sentiment improving after economic stimulus announcements from mainland China and monetary easing by major central banks.
HKEX's share price has jumped nearly 30% since the Chinese market support measures were deployed on Sept 23, while Hong Kong’s Hang Seng Index rose 13% during the same period.
IPO activity also surged, with HK$42.2 billion raised between July and September, more than tripling the amount from the first half of the year. HKEX pledged to reduce IPO vetting time from 173 to around 100 business days.
Net investment income for the third quarter rose 41%, driven by higher fair value gains in externally-managed investment funds, while core business revenue increased by 3%.
The positive results reflect the impact of China’s stimulus measures and the Hong Kong bourse's strategic adjustments to improve market participation and confidence.Hong Kong Exchanges & Clearing Ltd (HKEX) posted a 7% increase in third-quarter profit, driven by a jump in investment income. The exchange reported a net income of HK$3.145 billion (US$405 million), slightly above the consensus estimate of HK$3.113 billion, according to a survey of analysts by Bloomberg.
The results are expected to improve further in the fourth quarter after China implemented a series of stimulus measures in late September, which boosted trading volumes. Average daily volumes surged to about HK$300 billion, more than double the yearly average, supported by Hong Kong’s interest rate cuts that bolstered investor confidence.
HKEX's CEO Bonnie Chan remarked that the vibrancy of Hong Kong's markets was evident in late September, with investor sentiment improving after economic stimulus announcements from mainland China and monetary easing by major central banks.
HKEX's share price has jumped nearly 30% since the Chinese market support measures were deployed on Sept 23, while Hong Kong’s Hang Seng Index rose 13% during the same period.
IPO activity also surged, with HK$42.2 billion raised between July and September, more than tripling the amount from the first half of the year. HKEX pledged to reduce IPO vetting time from 173 to around 100 business days.
Net investment income for the third quarter rose 41%, driven by higher fair value gains in externally-managed investment funds, while core business revenue increased by 3%.
The positive results reflect the impact of China’s stimulus measures and the Hong Kong bourse's strategic adjustments to improve market participation and confidence.
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