THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) jumped to a new high for the year as investors snapped up banking-related stocks yesterday.
The benchmark index closed 13.33 points higher at 1,246.84 after hitting an intraday high of 1,248.14.
Dealers said the Malaysian Institute of Economic Research's forecast that the country's economy would shrink at a slower pace of 3.3 per cent this year, as opposed to 4.2 per cent projected earlier, provided some support.
Rising buying interest in penny and small-cap stocks with the return of risk appetite was also evident, they said.
"Follow-through buying by foreign funds in key banking-related stocks such as Maybank and CIMB Group helped the FBM KLCI extend its gains," a dealer said.
"Some funds are positioning themselves ahead of the unveiling of the 2010 Budget (on October 23)," Dow Jones Newswires cited a brokerage as saying.
The FBM Emas Index gained 97.57 points to 8,393.58, the FBM Top 100 increased 91.98 points to 8,171.25, the FBM 70 jumped 111.23 points to 8,257.70 and the FBM ACE Index advanced 48.30 points to 4,269.02. The Finance Index surged 171.58 points to 10,528.24, the Plantation Index gained 43.75 points to 6,031.33 and the Industrial Index added 13.85 points to 2,667.12.
Gainers outnumbered losers by 574 to 174 while 208 counters were unchanged and 338 untraded. Turnover rose to 1.261 billion shares worth RM1.655 billion from 939.925 million shares worth RM1.005 billion previously.
Among the actives, KNM Group rose 4 sen to 84.5 sen, SAAG Consolidated added 3 sen to 23.5 sen and SILK Holdings advanced 5.5 sen to 50 sen.
Time Engineering inched up 1.5 sen to 38 sen, Hubline Bhd-OR added 1 sen to 11 sen and Green Packet-Warrants gained 5.5 sen to 42.5 sen. Conglomerate Sime Darby rose 7 sen to RM8.69 while finance heavyweight Maybank gained 22 sen to RM6.96.
CIMB Group advanced 16 sen to RM12.32, Tenaga Nasional rose 2 sen to RM8.25, IOI Corp edged up 6 sen to RM5.33 and Genting gained 7 sen RM7.39.
Meanwhile, FBM KLCI futures ended higher in line with the stronger cash market.
October 2009 rose 17 points to 1,251.5 while November 2009 and December 2009 increased 16.5 points each to 1,251.5 and 1,251.0 respectively and March 2010 gained 18 points to 1,251.0.
Turnover increased to 4,081 lots from 2,213 lots while open interest rose to 16,114 contracts from 15,546 contracts. -Bernama, AFP
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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