Last-minute buying interest pushes KLCI up

: Last minute buying interest pushed shares prices on Bursa into the positive territory at close on Thursday, with consumer stocks leading the top gainer’s list.

However, overall market sentiment remained cautious as investors are waiting for US economic growth data.

The FBM KLCI rose 2.91 points or 0.16% to close at 1,7769.14, the day’s high. The index opened 2.17 points lower at 1,764.06.

The broader market displayed its weakeness as decliners thumped advancers by wide margin, with 511 losers to 382 gainers and 404 counters unchanged.

Top gainers on Bursa Malaysia included Petronas Gas, which added 46 sen to RM19, Panasonic Manufacturing rose 34 sen to RM38.34, British American Tobacco gained 30 sen to RM33.80 while Ajinomoto added 18 sen to RM22.

The decliners included KESM Industries, Riverview Rubber Estates Bhd and Top Glove Corp.

Among the heavyweights, Axiata rose six sen to RM4.33, IHH Healthcare gained five sen to RM6.05, Telekom Malaysia rose 10 sen to 9.35 and Genting added eight sen to RM8.70.

Meanwhile, Reuters reported that European stocks inched up in morning trading on Friday and were set to end the week at six-week highs, helped by an easing of fears over U.S tariffs and good company results.

Germany’s DAX 30 index rose 0.27% to 12,843.50 points, France’s CAC 40 index gained 0.03% to 5,482.35 and the UK’s FTSE 100 index added 0.25% to 7,682.05.

Oil prices edged lower after three days of gains, but took support from Saudi Arabia halting crude transport through a key shipping lane, falling U.S. inventories and easing trade tensions between Washington and Europe.

U.S. West Texas Intermediate (WTI) crude was traded at US$69.41 while crude at US$74.35 per barrel.

Source: The Star

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