KUALA LUMPUR: Greece’s new reform proposals to creditors could provide a much needed boost to Bursa Malaysia on Friday.
Reuters reported the reforms raised hopes of a cash-for-reform deal at a weekend summit of European leaders. This saw US stock futures jump and the euro gain in early Asian trade.
Overnight on Wall Street, the key indices ended off highs as investors remained cautious on China and Greece.
The DJIA and S&P500 gained 0.19% and 0.23% respectively to end at 17,548.62 and 2,051.31. In Asia, Chinese stocks experienced its biggest daily gain in six years as the Chinese government attempting to rescue its struggling stock market. This also triggered other regional markets to end higher.
BIMB Securities Research said locally, the FBM KLCI ended higher, gained 5.71 points or 0.34% to 1,701.54, lifted mainly by gaming and banking counters.
Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers. Local funds were net sellers at –RM148.2mil and retailers at –RM12.4mil while local funds were net buyers at RM160.6mil.
“We expect the local market to remain negative in the short term due to poor