KLCI rises 1.37%, crosses 1,800 level

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KUALA LUMPUR (Jan 23): The FBM KLCI rose 1.37% at mid-morning on Friday to breach the crucial 1,800–point level, powered by heavyweight Tenaga Nasional Bhd and Petronas-linked stocks.

At 10am, the FBM KLCI rose 24.86 points to 1,806.61.

The top gainers included Tenaga, Petronas Dagangan Bhd, Public Bank Bhd, Petronas Gas Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank Bhd, Kuala Lumpur Kepong Bhd, Malaysian Pacific Industries Bhd, British American Tobacco (M) Bhd and Telekom Malaysia Bhd.

The actives included The Media Shoppe Bhd, KNM Group Bhd, Sumatec Resources Bhd, Hubline Bhd, Sanichi Technology Bhd, Nova MSC Bhd, Daya Materials Holdings Bhd, Perisai Petroleum Teknologi Bhd and Bumi Armada Bhd.

The decliners included Scanwolf Corporation Bhd, Ibraco Bhd, Tasek Corporation Bhd, Guocoland Holdings Bhd, Kim Loonng Resources Bhd, Dutch Lady Milk Industries Bhd and Sunway Bhd.

Asian equities extended a global equities rally on Friday after the European Central Bank launched a bond-buying stimulus drive in a landmark move that buoyed investor risk appetite, drove bonds higher and left the euro pinned near 11-year lows, according to Reuters.

Crude oil prices jumped after Saudi Arabia announced that King Abdullah had died and his successor, Salman, moved quickly to name his own heir to rule the world's biggest oil exporter. U.S. crude rose $1.07 to $47.38 a barrel, it said.

BIMB Securities Research said regional equities ended mostly higher Thursday on earlier trading with Hong Kong stocks rising to a four-month high after China’s central bank injected liquidity into the markets.

Back home, it said the FBM KLCI ended higher, added 19.98 points or 1.14% to 1,781.750 with strong buying on plantation and gaming counters.

“Trading participation saw net selling from foreign institutions and local retail while local institutions were net buyers.

“We reckon the local market to remain positive today in due to monetary stimulus in Europe and China which will boost global sentiment.

“Expect to see immediate support at 1,790 followed by critical level of 1,800,” it said.