Buy­ing con­tin­ues

The Sun (Malaysia) - - MEDIA & MARKETING -

BURSA Malaysia set­tled higher yes­ter­day for the sec­ond con­sec­u­tive day on con­tin­ued buy­ing mo­men­tum in most heavy­weight coun­ters, deal­ers said. The FBM KLCI rose by 13.23 points to 1,663.82. Over­all, gain­ers led losers by 438 to 323, while 348 coun­ters were un­changed, 563 un­traded and 18 sus­pended.

Of the heavy­weights, May­bank surged 12 sen to RM7.95, CIMB Group firmed 11 sen to RM4.86, Sime Darby earned 7 sen to RM8.31, TNB was flat at RM14.32 while PetGas de­clined 4 sen to RM22.02.

A dealer said the lo­cal bourse and its re­gional peers tracked the overnight strength in the US stock mar­ket af­ter the Fed­eral Bu­reau of In­ves­ti­ga­tion cleared Hil­lary Clin­ton of crim­i­nal wrong­do­ing in the email con­tro­versy.

“Most in­vestors are wait­ing for the US pres­i­den­tial elec­tion out­come. They are cau­tiously op­ti­mistic of a win by Demo­crat Clin­ton as she is seen to of­fer bet­ter cer­tainty and sta­bil­ity for the coun­try’s econ­omy,” the dealer said.

How­ever, Al­liance DBS Re­search in a note said the traders were still wor­ried about an un­ex­pected elec­tion win by Don­ald Trump which would likely lead to a mar­ket sell­down due to pol­icy un­cer­tain­ties.

Back home, Bursa Malaysia traded higher fol­low­ing global rat­ing firm S&P’s af­fir­ma­tion of Malaysia’s sov­er­eign rat­ings with a sta­ble out­look based on the coun­try’s strong ex­ter­nal po­si­tion and high mon­e­tary flex­i­bil­ity with its rel­a­tively weaker but sta­ble pub­lic fi­nances. – Ber­nama

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