KLCI moves ahead on GDP results

KUALA LUMPUR: Bursa Malaysia ended the morning session firmer, boosted by gains in index-linked counters coupled despite the slower third quarter gross domestic product (GDP) growth announced earlier.

At midday, the FBM KLCI ended at 1,705.87, up 11.66 points or 0.69%. The index opened 1.98 points lower at 1,686.43 this morning.

In the broader market, there were 398 gainers, 272 losers while 357 counters unchanged. Trading volume stood at 1.06 billion shares worth RM861.62bil. 

Malaysia’s economy expanded at 4.4% in the the third quarter ended Sept 30, which slower than the 6.2% a year ago. It was also below economists’ expectation of 4.6% growth.

Bank Negara Malaysia data showed on Friday the services sector expanded by 7.2%, manufacturing by 5% and construction up by 4.6%. However, mining fell by 4.6% and agriculture contracted by 1.4%.

Bank Negara said going forward, the Malaysian economy is expected to remain on a steady growth path.

On Bursa Malaysia, Nestle topped the gainers’ list, adding RM2.10 to RM146.50. Apex Healthcare gained 40 sen to RM8.50 and Hong Leong Financial Group rose 38 sen to RM19.38.

Losers included Atlan, shedding 20 sen to RM4.25, Eksons fell 12.5 sen to 80 sen and Latitude Tree lost 10 sen to RM4.

Among the heavyweights, Maybank rose six sen to RM9.44, Tenaga Nasional added 10 sen to RM14.92 and Public Bank gained 12 sen to RM24.62. Sime Darby added five sen to RM2.41, Axiata rose four sen to RM3.50 and Genting advanced 11 sen to RM6.93.

Meanwhile, the ringgit was quoted at 4.1925 against the US dollar at midday. 

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record U.S. production dragged.

U.S. West Texas Intermediate (WTI) crude oil futures were at US$56.90 per barrel, up 44 while Brent crude oil futures were up 56 cents at US$67.18 per barrel.