Malaysian shares rise to April highs Monday

midgf-bursa-malaysia

KUALA LUMPUR: Malaysian shares and the ringgit rose Monday.

The nation’s benchmark FTSE Bursa Malaysia KLCI rose 0.4 per cent to 1,690.33 points Monday, according to a report in the Nikkei Asian Review.

The Malaysian ringgit advanced 0.5 per cent to 4.0020 against the dollar. So far this year, the ringgit has gained 7.4 per cent.

The benchmark Brent crude oil contract rose 1.0 per cent to USD47.46 a barrel on Monday, extending its recent gains.

This followed Saudi Arabian Energy Minister Khalid al-Falih’s statement last week that his country was prepared to act to stabilise the prices at the Organisation of Petroleum Exporting Countries meeting from Sept 26 and Sept 28.

Global equity markets rallied last week on the back of positive economic data from the US, improved corporate earnings and higher oil prices, said the Nikkei Asian Review report.

Last Thursday, all three major US stock indexes — Dow Jones Industrial Average, Nasdaq, and S&P 500 — closed at record highs, a phenomenon last seen in 1999.

On Friday, however, Wall Street stocks closed slightly lower following weak US retail sales data and a surprising decline in wholesale prices, said the report.

In Kuala Lumpur, 17 of the 30 KLCI constituents rose and eight declined. Overall, gainers outnumbered losers 449 to 412.

Net shares bought by foreign investors more-than-doubled to RM728.1 million last week from a week earlier, marking the sixth consecutive week of foreign net inflow, according to data from MIDF Amanah Investment Bank.

SapuraKencana Petroleum surged 4.7 per cent to RM1.57, Sime Darby climbed 1.3 per cent to RM8.09 and Tenaga Nasional rose 1.7 per cent to RM14.76.