business

KL shares close higher

March 11, 2016

Shares on Bursa Malaysia closed higher today as sentiment turned positive on higher oil prices. – The Malaysian Insider file pic, March 11, 2016. Shares on Bursa Malaysia closed higher today as sentiment turned positive on higher oil prices and the European Central Bank's decision to cut interest rates.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) settled 5.63 points higher at 1,696.54 from yesterday's close of 1,690.91.

The index moved between 1,688.11 and 1,698.15 throughout the day, after  opening 2.11 points easier at 1,688.80.

Market breadth was positive with gainers outpacing losers 405 to 385, while 360 counters were unchanged, 579 untraded and 20 others suspended.

Volume, however, fell to 1.63 billion shares valued at RM1.75 billion from 1.82 billion shares valued at RM1.9 billion yesterday.

A dealer said investors regained their confidence after the European Central Bank's strong stimulus action, which among others included, cutting all its main interest rates and expanding the bond-buying stimulus programme.

"This will definitely tackle inflation and boost economic growth in all the 19 countries using the euro, and this scenario will also influence Asian shares.

"The higher index today was also boosted by buying in plantation-related shares, following the decline in the palm oil stockpile," he added.

Yesterday, the Malaysian Palm Oil Board released figures showing palm oil stocks in February 2016 fell 6.05% to 2.17 million tonnes, against the 2.31 million tonnes registered in January 2016.

Two plantation-related stocks, IOI and KLK, rose 14 sen and 20 sen each to RM4.96 and RM24.18 respectively.

Among heavyweights, Maybank gained three sen to RM8.81, TNB advanced 10 sen to RM13.40, while Public Bank lost six sen to RM18.58 and Petronas Chemicals shed eight sen to RM6.75.

The most active stock today was XOX, which fell half-a-sen to 14.5 sen, Eka gaining half-a-sen to 19 sen, with AirAsia X flat at 29.5 sen.

On the scoreboards, the FBM Emas Index rose 39.93 points to 11,736.18, the FBMT100 Index gained 39.45 points to 11,448.10 and the FBM Emas Shariah increased 35.36 points to 12,409.28.

The FBM 70 surged 49.70 points to 12,929.84, but the FBM Ace was 1.31 points easier at 5,622.59.

Sector-wise, the Industrial Index inched up 7.98 points to 3,287.43, the Finance Index was 13.23 points better at 14,381.83 and the Plantation Index improved 100.80 points to 7,983.43.

Main Market volume fell to 1.21 billion units worth RM1.67 billion from 1.23 billion units worth RM1.73 billion on Thursday.

Turnover on the ACE Market slid to 256.78 million shares worth RM45.71 million against 288.52 million shares worth RM44.85 million.

Warrants narrowed to 168.77 million units worth RM37.28 million against 191.28 million units valued at RM38.86 million.

Consumer products accounted for 105.68 million shares traded on the Main Market, industrial products (215.12 million), construction (174.49 million), trade and services (366.66 million), technology (17.70 million), infrastructure (5.31 million), SPAC (165.90 million), finance (36.32 million), hotels (385,700), properties (78.13 million), plantations (34.91 million), mining (5,000), REITs (5.63 million) and closed/fund (6,000).  – Bernama, March 11, 2016.