BURSA EMERGES AS ASIA’S BEST PER­FORMER

New Straits Times - - Front Page - Farah Adilla

Bursa Malaysia ral­lied yes­ter­day fu­elled by a com­bi­na­tion of good news to emerge as Asia’s best per­former.

The benchh­mark FTSE Bursa Malaysia KLCI edged up 1.06 per cent to close at 1,715.67 points, from 1,697.69 points on Wed­nes­day.

MIDF Re­search deputy head Mohd Redza Ab­dul Rah­man said the in­dex’s charge was led by fi­nan­cial heavy­weights.

This was trig­gered by ris­ing op­ti­mism on the bank­ing sec­tor’s good quar­terly re­sults and pos­i­tive news flow re­lat­ing to re­struc­tur­ing ex­er­cises in­volv­ing top man­age­ments as the sec­tor looked to op­ti­mise costs and re­fresh tal­ents to lead the sec­tor into the next level of growth.

JF Apex Se­cu­ri­ties Bhd said the FBM KLCI con­tin­ued its mo­men­tum and surged above the psy­cho­log­i­cal level of 1,700 points amid overnight rally in the United States mar­ket fol­low­ing Pres­i­dent Don­ald Trump’s speech to Congress.

It added that FBM KLCI was lifted by buy­ing in­ter­est in big coun­ters, such as AMMB Hold­ings Bhd, RHB Bank Bhd and CIMB Group Hold­ings Bhd.

Redza said the stock ma­mar­ket re­acted pos­i­tively af­ter Bank Ne­gara Malaysia kept its key in­ter­est rate at three per cent.

It also weighed in on strong in­ter­est in telecom­mu­ni­ca­tions and plan­ta­tions sec­tors. This fol­lowed news of Ax­i­ata Digital’s pact with Huawei and ac­tive trad­ing in the palm oil fu­tures ahead of the an­nual Palm and Lau­ric Oils Con­fer­ence next week.

In­vestors also tar­geted ship­ping and lo­gis­tics coun­ters with West­ports Hold­ings Bhd and MISC Bhd gain­ing ahead of an ex­pec­ta­tion of bet­ter ex­ports num­bers to­day.

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