The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) ended yesterday at the year's high spurred by late buying spree in most heavyweights, dealers said.
In mixed trading, the benchmark index stood at 1,230.09, up 11.48 points or 0.942 per cent, after opening 0.25 point lower at 1,218.36 yesterday morning.
The FBM KLCI moved between 1,218.08 and 1,230.09, surpassing the earlier high of 1,221.20 points recorded on September 18 this year.
Dealers said financial stocks, led by CIMB Group, attracted investors the most on optimism that Bank Negara Malaysia would join its regional peers in raising interest rates.
They said the Reserve Bank of Australia's interest rate hike this week was likely to kick off a chain of rate hikes across the region in the coming months.
Bank Negara is scheduled to release its monetary policy statement on October 28.
At the close, the FBM Emas Index advanced 66.43 points to 8,256.93, the FBM Top 100 increased 68.21 points to 8,047.60 and the FBM 70 added 41.05 points to 8,077.93 but the FBM ACE Index lost 1.05 points to 4,105.07.
The Finance Index surged 162.13 points to 10,275.15, the Plantation Index increased 29.77 points to 5,949.84 and the Industrial Index went up 19.70 points to 2,654.83.
Advancers led decliners 369 to 246 with 271 counters unchanged and 405 untraded.
According to dealers, the local bourse also moved in line with regional bourses as sentiment was strong buoyed by Wall Street's best overnight back-to-back performance in more than a month.
On technical outlook, OSK Research maintained its bullish bias towards the near-term market.
"The mid-term technical outlook is still firmly bullish at the moment," it said in its research note.
It noted that from the current level, an immediate resistance lies at the 1,231.50 points level, followed by the 1,242 points level.
Among actives, KNM Group was flat at 80 sen, Hubline added 2 sen to 32 sen, Time Engineering declined 3.5 sen to 32.5 sen, Green Packet-Warrants added 10 sen to 35.5 sen and SAAG Consolidated shed half-a-sen to 21 sen.
Among heavyweights, Sime Darby rose 3 sen to RM8.58, Maybank gained 4 sen to RM6.77, CIMB Group increased 52 sen to RM12.12, Tenaga Nasional was flat at RM8.21 and IOI Corp added 3 sen to RM5.27. - Bernama
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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