Written by InsiderAsia
Thursday, 08 October 2009 17:48
KUALA LUMPUR: Shares on Bursa Malaysia tracked their peers and closed higher on Thursday, with the FBM KLCI reaching their highest levels of the year.
A late spurt of buying lifted the FBM KLCI by 11.5 points to 1,230.1. Advancing stocks beat declining ones by a 3-to-2 ratio on volume of 813 million shares.
Actively traded stocks include KNM, Hubline, Time, Green Packet, AirAsia and CIMB. Major gainers include CIMB, MISC BAT and Public Bank-foreign. Losers include Kulim, Genting and Proton.
Asian stock markets were higher as investors expected a strong opening on Wall Street and eyed earnings from major US companies. The Dow futures was up after Alcoa, a major index component and the first to kick-off the third quarter earnings season, announced it was profitable after three losing quarters.
Investors looking for further global economic recovery signs were also pleased with news that Australia's unemployment rate dropped from 5.8% to 5.7% in September — in addition to the 25bp interest rate rise announced this week.
Continued weakness in the US dollar sent commodity prices higher, although some saw profit-taking activities after recent gains. Gold rose to a new record high of US$1,049 (RM3,556.11) an ounce. The ringgit rose to a 13-month high of RM3.39 to the greenback.
Investors are welcoming the Australian interest rate hike and rising commodity prices as further evidence that the global economy is on the mend. However, pronounced sharp increases in commodity prices and falls in the US dollar will have repercussions on inflation, growth (which is still tepid) and the ability of the US to fund its deficits — and this will lead to other problems.
Going forward, investors will take their cues from the upcoming third quarter earnings season, which will help determine the direction of Wall Street — and global equity bourses. Investors will also await the reopening of the Chinese stock market on Friday after the National Day holidays
About Me
- 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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