Bursa Malaysia ends higher on strong third quarter GDP

KUALA LUMPUR: Bursa Malaysia ended higher yesterday, as the stronger-than-expected third quarter(3Q)grossdomesticproduct (GDP) released yesterday injected more investor confidence into the local market.

Affin Hwang Investment Bank vice-president/head of retail research Datuk Dr Nazri Khan Adam Khan said the 3Q GDP, which climbed 6.2 per cent from 4.3 per cent in the same period lastyear,wasthebestresultsince three years ago.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.55 points or 0.20 per cent to 1,721.66 from 1,718.11 on Thursday.

The index opened 2.7 points better at 1,720.81 and moved between 1,719.87 and 1,725.69 throughout the day.

On the broader market, gainers led losers 419 to 408, with 419 counters unchanged, 609 untraded and 21 others suspended.

Volume, however, narrowed to 2.21 billion units worth RM2.22 billionfrom2.44billionunitsworth RM2.47 million on Thursday.

In a statement, Bank Negara Malaysia said given the continued strong performance in 3Q17, Malaysia’seconomywasoncourse to register close to the upper range of the official projection of 5.2 to 5.7 per cent in 2017, supported by domestic demand.

Nazri Khan told Bernama that the firm economic data reflected the government’s ambition of capitalising on the digital economy, which subsequently buoyed digital-linked stocks such as KESM and DGB Asia.

KESM was one of the top gainers yesterday, with the share increasing24sentoRM19.18,while DGB Asia was one of the top active counters traded, with the share rising three sen to 14 sen and its warrant was half-a-sen better at three sen.

Nazri Khan added that the uptrend on the local market barometerwasalsointandemwith the positive performance of major bourses in Asia following the rally on the overnight Wall Street.

Regionally, Singapore’s Straits Times Index rose 41.02 points or 1.23 per cent to 3,382.32, Japan’s Nikkei 225 Index gained 45.68 points or 0.20 per cent to 22,396.80, and Hong Kong’s Hang Seng was 180.28 points or 0.62 per cent firmer at 29,199.04.

Amongheavyweights,Maybank increased one sen to RM9.22, TenagawasunchangedatRM14.84, but Public Bank retreated six sen to RM20.38, Sime Darby fell three sen to RM8.97 and Petronas Chemicals was one sen lower at RM7.29.

Oftheactives,newlyACEmarketlisted company Kejuruteraan Asastera continued its rally to top the list of the most active counters. It ended five sen higher at 30 sen.

Hibiscus gained 1.5 sen to 77.5 sen, while PUC, Trive Property and DGSB were flat at 20.5 sen, eight sen and 8.5 sen, respectively.Genting Bhdledthe list of top gainers, bagging 28 sen to RM9.20, while top loser Nestle lost RM1.60 to RM89.90.

Sector-wise, the Finance Index climbed 11.09 points to 16,051.37, the Plantation Index edged up 6.12 points to 7,908.53 but the Industrial Index was 29.85 points lower at 3,137.97.

TheFBMEmasIndeximproved 12.93pointsto12,416.92,theFBMT 100 Index perked 9.16 points to 12,063.28, the FBM Ace advanced 67.18 points to 6,591.58.

The Main Market volume narrowed to 1.20 billion units worth RM2.03 billion against 1.59 billion units worth RM2.34 billion on Thursday.

For further information on stocks and prices, please visit www.bursamalaysia.com.