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Thursday, 14 December 2017 | MYT 12:59 PM

KLCI surges past 1,750 level on year-end window dressing

KUALA LUMPUR: Investors pushed the FBM KLCI past another key psychological level of 1,750 points, following yesterday's rise above 1,730.

The 15.82-point hike to 1,753.48 points in morning trade showed renewed optimism in the local bourse as year-end window dressing activities lifted sentiment.

Turnover was 1.24 billion shares with a balue of RM1.24bil. The market showed a positive breadth of 489 gainers versus 300 decliners and 371 counters unchanged.

Stocks on the KLCI were overwhelmingly bullish with the banking sector being the main driver of the index on Thursday. Maybank put on 20 sen to RM9.45 and Public Bank rose 52 sen to RM20.88 to end the morning session several sen below its historical high. 

CIMB also lifted, adding seven to RM6.25, while Hong Leong Bank gained 20 sen to RM16.78, RHB put on 10 sen to RM4.98 and Ambank rose seven sen to RM4.27.

Among telcos, Maxis added one sen to RM5.94, Axiata added three sen to RM5.36 and Telekom Malaysia gained five sen to RM6.20. Digi, however, dropped two sen to RM4.80.

Between Sime counters, Sime Darby put on one sen to RM2.11 while Sime Darby Plantation fell two sen to RM5.36.

Oil refiners were among the leading gainers on Bursa Malaysia with Henyuan adding 22 sen to RM12.68 and Petron Malaysia putting on 26 sen to RM13.26.

Glove manufacturer Top Glove also put on 20 sen to RM6.85.

Decliners included Allianz, falling 18 sen to RM12.60, Box-Pak falling seven sen to RM1.2 and JHM slipping six sen to RM3.02

In regional markets, key index took shallow dips into the red amid the widely expected announcement the US Fed would raise interest rates for the third time this year. 

Meanwhile, oil markets continued to gain as US crude inventories continued to fall although rising production volumes capped price increases in check. 

US light crude was 11 cents at US$56.71 a barrel while Brent crude gained 36 cents to US$62.80 a barrel.

In currencies, the ringgit strengthened 0.23% against the US dollar at 4.0778. It weakened 0.49% against the pound sterling at 5.4795 and 0.21% against the Singapore dollar 3.0275.