FBM KLCI hits 15-month high

Written by Joseph Chin
Wednesday, 14 October 2009 13:10

KUALA LUMPUR: Fund buying of bank stocks pushed the FBM KLCI up to a 15-month high of 1,245.27 at the midday break on Wednesday, Oct 14, in line with the firmer key regional markets while commodities rose as the US dollar weakened.

Major gainers on Bursa Malaysia included Maybank, CIMB and Public Bank while the broader market was firmer, with advancing counters beating decliners three to one.

The Malaysian Institute of Economic Research's forecast that GDP would shrink at a slower pace of 3.3% this year, an improvement from the earlier forecast of a 4.2% contraction and the government's forecast of 4% to 5% contraction, provided some optimism.

At 12.30pm, the 30-stock FBM KLCI rose 11.76 points or 1% to 1,245.27. Turnover was 625.82 million shares valued at RM754 million. There were 449 gainers, 156 losers and 216 stocks unchanged.

Japan's Nikkei 225 fell 0.25% to 10,050.95 but Shanghai's Composite Index jumped 2.13% to 2,998.71. Hong Kong's Hang Seng Index rose 1.4% to 21,760.29 and Singapore's Straits Times Index added 0.2% to 2,674.19.

Light crude oil rose 68 US cents to US$74.83, the highest in a year on expectations of higher demand, though this should also be seen in the context of a weakening US dollar. The ringgit strengthened against the US dollar to 3.3719 against the greenback.

Gold jumped US$2.20 or 0.21% to US$1,066.40 and platinum was 0.3% higher at US$1,364.50.

At Bursa Malaysia, Maybank rose 21 sen to RM6.95, nudging the 30-stock FBM KLCI up by 3.69 points, CIMB Bank added 20 sen to RM12.36 (up 2.37 points) while Public Bank gained 14 sen to RM10.62 (1.64 points).

Among PLANTATION []s, PPB added 20 sen to RM15.80, Sime Darby eight sen to RM8.760 and IOI Corp six sen to RM5.33 but Far East fell 14 sen to RM6.18 and Genting Plantations five sen to RM6.10.

Perstima rallied 14 sen to RM2.77 after the re-entry of low-profile corporate personality Rin Kei Mei into the company. Axiata advanced five sen to RM3.13 and IJM 14 sen to RM4.88.

SILK Holdings was the most active with 36.1 million shares done, gaining five sen to 49.5 sen when its PN17-status was removed.