KUALA LUMPUR, Sept 17 — Bursa Malaysia closed higher for a third consecutive day today, underpinned by gains in heavyweights as investor sentiment was boosted by the government’s measures to prop up the market, coupled with the overnight surge in Brent crude, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 34.39 points higher at 1,681.54, after moving between 1,669.40 and 1,691.93 throughout the day.

A dealer said the local sentiment improved as investors reacted positively to the Prime Minister Datuk Seri Najib Razak’s announcement on Monday that the government would inject RM20 billion into its investment arm, ValueCap Sdn Bhd, to support the stock market.

The stockmarket rally was also due to the surge in Brent crude, which rose 6.7 per cent to US$49.85 per barrel, its biggest increase in more than two weeks.

The rise in local stocks, as well as Asian stocks, was also in anticipation of the Federal Reserve’s interest rate decision due tonight.

The US central bank is due to announce whether or not it will increase the rate by 25 basis points for the first time since Dec 2008 from zero.

The local market was closed yesterday for Malaysia Day and resumed trading today.

Market breadth was bullish with gainers outpacing losers by 672 to 226, while 286 counters were unchanged, 651 untraded and 20 others suspended.

Volume eased to 2.24 billion units valued at RM3.14 billion from 2.29 billion units valued at RM2.39 billion recorded on Tuesday.

Regionally, Japan’s Nikkei 225 gained 1.43 per cent to 18,432.27, Singapore’s Straits Times Index added 0.84 per cent to 2,892.86 and Hong Kong’s Hang Seng eased 2.10 per cent to 21,854.63.

The FBM 70 was 172.82 points firmer at 12,377.79, FBM Ace increased 57.67 points to 5,462.94, FBM Emas Index perked 216.93 points to 11,528.77, FBMT100 Index climbed 213.52 points to 11,256.55 and the FBM Emas Shariah Index added 207.46 points to 12,109.20.

The Finance Index expanded 246.34 points to 14,556.37, Plantation Index chalked up 76.90 points to 7,183.59 and the Industrial Index added 42.65 points to 3,196.39.

Among heavyweights, Maybank added seven sen to RM8.64, Public Bank gained 36 sen to RM18.38, TNB edged up two sen to RM12.18 and Axiata rose 15 sen to RM6.29.

Among top gainers, Genting went up 68 sen to RM7.90, Kuala Lumpur Kepong gained 46 sen to RM22.46 and BAT chalked up 42 sen to RM62.80.

Main Market volume expanded to 1.42 billion units worth RM2.95 billion against Tuesday’s 1.29 billion units worth RM2.18 billion.

Turnover on the ACE Market fell to 291.72 million units valued at RM68.59 million from 419.90 million units valued at RM98.26 million on Tuesday.

Warrants reduced to 529.15 million units worth RM118.64 million from Tuesday’s 574.49 million units worth RM114.90 million.

Consumer products accounted for 69.63 million shares traded on the Main Market, industrial products (192.89 million), construction (94.76 million), trade and services (722.41 million), technology (27.41 million), infrastructure (27.94 million), SPAC (34.42 million), finance (91.57 million), hotel (964,600), properties (109.00 million), plantations (35.30 million), mining (642,000), REITs (12.42 million) and closed/fund (4,100). — Bernama