Asian markets finish stronger

KUALA LUMPUR: Asian bourses ended Monday’s trading day stronger as signs of a surer global economic recovery and a more solid upturn in China’s economy led the country’s central bank to announce a decision to depeg the yuan from the US dollar.

The local bourse’s benchmark FBM KLCI rose 1.34% to 1,335.29 at the close while the region’s bourses all recorded strong gains on expectations that a stronger yuan wuold boost domestic consumption in China.

Asian currencies also recorded gains against the US dollar as investors piled into the currencies of China’s trading partners.

The ringgit strengthened against the greenback at 3.185. The ringgit settled at 3.251 to the US dollar last Friday.

At Bursa Malaysia, 591 counters were up, 161 were down while 208 others traded unchanged. There were 921 million shares done with a total value of RM1.51 billion.

DiGi jumped 32 sen to RM23.44.

Public Bank and its foreign tranche rose 28 sen and 26 sen respectively to RM11.92 while Hong Leong Financial Group rose 26 sen to RM8.64.

Among plantation counters, KLK advanced 26 sen to RM16.36 and United Plantations climbed 30 sen to RM14.60.

Supermax rose 25 sen to RM5.85 and IRCD added 10.5 sen to 85 sen.

Pos surged 22 sen to RM3.08 on speculation that 11 parties were interested in acquiring Khazanah Nasional’s stake in the company.

TNB fell 21 sen to RM8.59 and Berjaya Sports Toto lost 9 sen to RM4.34.

Crude palm oil for August delivery was RM6 higher at 5pm to RM2,406.

Nymex crude oil rose US$1.28 to US$78.46 per barrel.