BURSA EMERGES AS ASIA’S BEST PERFORMER
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.