MALAYSIA shares jumped along with the global markets yesterday, as investors were cheered by rising hope of recovery in the US.Local sentiment was further buoyed by the expectation of a new administration coming in today when Datuk Seri Najib Razak swears in as Malaysia's sixth prime minister.
The benchmark Kuala Lumpur Composite Index added 20.89 points to 905.07, its highest in over a month, led by gains in Bumiputra-Commerce Holdings Bhd (BCHB), IOI Corp and Genting Bhd. The gain, however, pales in comparison to the massive wins in Hong Kong, which leapt 7.4 per cent, and Singapore, which was up 6 per cent.
"Markets went up from the UK, Germany to the Dow Futures in US. It's positive all around the globe. Our market also took that cue," OSK Research acting head Chris Eng said.Improving economic data coming from the US is fueling optimism among investors globally, who share US Treasury Secretary Timothy Geithner's confidence that there are "encouraging signs" that the financial markets are recovering.
Hope also grew as world leaders meet up in London this week for the Group of 20 summit in seek of solutions to the financial woes.But there is still a trace of local flavour among Malaysian gainers yesterday, Eng noted. Sharp gains were seen in certain construction stocks expected to benefit from a change in the country's leadership and more building jobs that follow, Eng said, citing WCT, Zelan, Malaysian Resources Corp Bhd (MRCB) and Gamuda.
"Some of these stocks that have risen are perceived to have a link to the new prime minister, for example BCHB," Eng said. WCT was up 12.5 per cent to RM1.26; Zelan gained 12.2 per cent to 64.5 sen; MRCB jumped 9.9 per cent to close at 94 sen; while Gamuda added 9.3 per cent to RM2.23.BCHB, the country's second largest banking group, added another 5.7 per cent to RM7.40.
The stock has steadily risen 20 per cent in the past two weeks from RM6.15 on March 16, despite a gloomy outlook for the banking industry this year.BCHB's chief executive officer Datuk Seri Nazir Razak is a brother of Najib
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- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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