KLCI shows gains in line with key regional markets as oil prices rebound

KUALA LUMPUR: The FBM KLCI recorded gains on Wednesday ahead of the holidays, in line with key regional markets, as oil prices recovered slightly.

The KLCI was 11.16 points or 0.68% higher at 1,654.42 from yesterday’s close. Key regional markets were also in the green, with the exception of Japan’s Nikkei 225 which is closed for the Emperor Akihito’s birthday celebrations.

Both Brent crude and US crude were last trading slightly higher at US$36.44 per barrel and US$36.38 per barrel respectively.

At Bursa Malaysia, turnover was 867.25 million shares valued at RM668.72mil.

The broader market was stronger with advancers outpacing decliners. There were 435 gainers versus 317 losers while 309 stocks remained unchanged.

Wall Street indices closed higher overnight as investors were upbeat towards the upcoming festive season.

The DJIA and S&P500 gained 0.96% and 0.88% to end at 17,417.27 and 2,038.97 respectively.

Among the top gainers at FBM KLCI at 12.30pm were Sam Engineering, up 61 sen to RM7.54 with 109,400 shares done.

Other gainers included Magni-Tech up 37 sen to RM4.55 and Nestle up 50 sen to RM73.

Magni-Tech shares were up following the release of its second quarter earnings on Tuesday. The group posted a 170% jump in net profit to RM21.63mil against RM8mil in the previous year, on the back of higher garment sales and a favourable currency exchange rate, as well as on-going productivity improvement and cost control measures.

Leading losers was Hong Leong Bank down 32 sen to RM13.20, while TopGlov loss 32 sen to RM13.52 and P.I.E. Industrial down 24 sen to RM10.38.

Yesterday, P.I.E. Industrial replied to Bursa’s unusual market activity query on the rise of its share price recently. The company said it was unaware of any development that could have contributed to the rise in its share price. Shares in the company rose about 20% to RM10.62 on Dec 22 from RM8.80 on Dec 17.

The ringgit weakened to RM4.3095 compared to RM4.3005 on Tuesday.

Crude palm oil’s benchmark third-month contract for March delivery fell RM4 to 2,464 per tonne from 2,468 the previous day.

Among the key regional markets:
Hong Kong’s Hang Seng Index is up 1.07% to 22,064.01;
Shanghai Composite Index up 0.16% to 3,657.79;
Taiwan’s Taiex gained 0.46% to 8,330.61;
South Korea’s Kospi up 0.44% to 2,001.23 and;
Singapore’s Straits Times Index is up 0.47% to 2,866.49 points.

Spot gold gained 0.10% to US$1,073.44 per troy ounce.

Source: http://www.thestar.com.my/business/business-news/2015/12/23/klci-shows-gains-in-line-with-key-regional-markets-as-oil-prices-rebound/?style=biz

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