FBM KLCI advances as strong regional gains lift sentiment

KUALA LUMPUR: The FBM KLCI advanced on Monday, moving in line with a strong regional market performance as most major Asian indices posted solid gains by the close.

The benchmark index settled 18.47 points, or 1.07% higher at 1,751.30 after hitting an intraday high of 1,752.13.

Market breadth was positive, with 798 gainers and 355 losers, while 515 counters traded unchanged. Turnover came in at 3.12 billion shares worth RM2.9bil.

Dealers said buying interest picked up amid the regional rally, lifting the benchmark on sustained support from heavyweight counters, with positive external cues underpinning sentiment for most of the day.

They noted that positive external cues helped underpin investor sentiment for most of the day.

On the external front, Japan’s Nikkei 225 surged 3.89% to 56,363.94 while South Korea’s Kospi closed up 4.1% at 5,298.04.

Hong Kong’s Hang Seng advanced 1.76% to 27,027.16.

China’s CSI300 index gained 1.63% to 4,719.06 while the Shanghai Composite rose 1.41% to 4,123.09.

On Bursa Malaysia, Malaysian Pacific Industries emerged as the top gainer, surging RM1.18 to RM31.58. It was followed by Allianz, up 86 sen to RM23.06, United Plantations, which advanced 82 sen to RM29.82, and Hong Leong Industries, which added 66 sen to RM17.50.

Among the decliners, Nestle slid 70 sen to RM111.60, Axiata fell 20 sen to RM2.19, Hong Leong Financial Group lost 16 sen to RM22.40 and Heineken declined 14 sen to RM23.84.

On the forex market, the ringgit strengthened 0.37% to 3.9335 against the US dollar but fell 0.01% to 3.1003 against the Singapore dollar.