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Malaysia’s
blue chips closed higher for the second day on Wednesday, on foreign buying and
underpinned by a recovery in the ringgit and firmer crude oil.
At
5pm, the KLCI was up 8.06 points or 0.48% to 1,685.62. Turnover was 2.67
billion shares valued at RM2.46bil. There were 558 gainers, 333 losers and 341
counters unchanged.
Stock
market data showed foreign funds were net buyers for the second day at RM106.76mil
while retailers were seen nibbling and were net buyers at RM12.06mil while
local institutions were net sellers at -RM118.82mil.
The
ringgit firmed up against the US dollar, pound sterling and Singapore dollar.
It was at 4.2650 against the greenback from the previous close of 4.2880 while
it strengthened against the pound to 6.5776 from 6.6105 and against the
Singapore unit, it firmed up to 3.0497 from 3.0682.
Reuters
reported global equities were set for their third straight day of gains on Wednesday,
buoyed by positive economic data and a fresh pledge from the European Central
Bank to ramp up stimulus if necessary.
It
reported that over the past month, markets have clawed back losses from a
summer sell-off driven by fears of a China slowdown. Investors are betting that
the global economy is going through a short-lived rough patch rather than a
deeper downturn.
At
Bursa Malaysia, investor confidence was given a boost by the firmer ringgit,
CPO and crude oil prices.
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