Key index stays above 1,200 points

Share prices on Bursa Malaysia ended higher yesterday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staying above the 1,200-point level, on continuing positive sentiment amid sharp gains in US stocks, dealers said.

They said renewed optimism over the global economy boosted shares on Wall Street yesterday.

However, continued profit-taking narrowed overall gains with investors cashing in on their profits ahead of the Hari Raya holidays.

"Oil and gas stocks had a particularly strong run-up on hopes of rising job orders from Gorgon LNG project (in Australia)," the dealer added.

OSK technical analyst Shin Kao Jack said the bourse was likely to extend gains in coming days as it was far from overbought.

The FBM KLCI closed 5.51 points higher at 1,212.98 after opening 1.69 points higher at 1,209.16.

The FBMEmas gained 43.47 points to 8,157.2, the FBM Top 100 increased 40.39 points to 7,951.77, the FBM70 added 57.76 points to 8,045.57 while the FBM ACE index increased 36.61 points to 4,072.26.

The Technology Index rose 0.1 point to 16.34, the Finance Index advanced 37.26 points to 9,875.4, the Plantation Index advanced 13.43 points to 5,922.41 and the Industrial Index was 19 points higher at 2,664.33.

Advancers led decliners by 396 to 211 while 259 counters were unchanged and 389 others untraded.

Turnover was higher at 807.879 million shares worth RM1.345 billion from 613.785 million shares worth RM1.008 billion.

Halex Holdings, a company involved in the horticulture and healthcare disposables business, made its debut on Bursa Malaysia yesterday. The counter, which opened at 82 sen, with a 4 sen premium over its offer price, continued its uptrend to close at 94 sen.

Among actives, KNM Group rose 3 sen to 77.5 sen, Multi-Purpose Holdings slipped 7 sen to RM1.88 and Multi Sports Holdings rose 3.5 sen to 53.5 sen. As for the heavyweights, MISC rose 20 sen to RM9.19, British American Tobacco gained 14 sen to RM45.02, CIMB Group Holdings rose 10 sen to RM11.18 and Genting gained 25 sen to RM6.98.

FBM KLCI futures sustained its uptrend at the close yesterday following sharp gains on US stocks and renewed optimism of a global economic recovery, dealers said.

September 2009 rose 7 points to 1,218, December 2009 gained 7.5 points to 1,217, December 2009 increased 9 points to 1,217 and March 2010 rose 7 points to 1,211. Turnover rose to 4,768 lots from 2,602.

Open interests, however, fell to 16,589 contracts from 16,780 yesterday. - Bernama, AFP