FBM KLCI ends higher, ringgit outperforms regional peers

KUALA LUMPUR: The FBM KLCI closed higher on Tuesday, tracking regional gains, while the ringgit strengthened against the US dollar.

The FBM KLCI closed 11.66 points higher, or 0.76%, at 1,538.64, its intraday high, after rebounding from a low of 1,528.63.

Market breadth was negative, with 479 gainers versus 533 decliners, while 505 counters traded unchanged. Turnover stood at 2.9 billion shares valued at RM2.75bil.

According to Reuters, the ringgit outperformed regional currencies. It rose 0.21% against the US dollar to 4.2277 and gained 0.26% against the Singapore dollar to 3.2804.

The local currency also appreciated 0.42% against the euro to 4.8788, and strengthened 0.31% against the pound sterling to 5.6148.

Dealers expect the local bourse to remain range-bound, with no fresh domestic catalysts in sight. The key index is likely to stay in a sideways or consolidating trend.

Externally, investors are keeping a close watch on upcoming US economic data releases, including the PMI and ISM Services figures.

Among the gainers on Bursa Malaysia, Nestle jumped 82 sen to RM89.80, Heineken rose 68 sen to RM24, Malaysian Pacific Industries added 52 sen to RM20.40, and PETRONAS Dagangan climbed 42 sen to RM21.84.

On the downside, PPB Group slipped 42 sen to RM8.89, Kuala Lumpur Kepong eased 18 sen to RM19.10, Hong Leong Industries fell 16 sen to RM12.62, and Can-One declined 15 sen to RM2.01.

Meanwhile, stock market data showed that foreign investors sold a net RM206mil on Monday. Local institutions and retailers were net buyers, with RM176mil and RM29mil, respectively.

Regionally, Japan's Nikkei 225 rose 0.64%, while South Korea’s Kospi closed up 1.6%.

Hong Kong’s Hang Seng Index gained 0.68%, China’s CSI300 added 0.8%, and the Shanghai Composite Index finished 0.96% higher.