Written by InsiderAsia
Monday, 28 December 2009 17:27
Stock prices on Bursa Malaysia and across the region traded higher on Monday.
Trading remained light with many investors away for the extended Christmas-year end holidays, but gains were widespread across most bourses. This could be due in part to Wall Street’s positive close on Thursday, firming commodity prices and possibly, some year-end "window dressing" activities.
Crude oil prices rose to above US$78 per barrel on optimism of stronger demand and cooler weather in the US, while crude palm oil prices increased to around RM2,600 per tonne, up about RM100 in two days. The rise in commodity prices also comes as the US dollar stopped its recent appreciation after a strong rally triggered by the unexpected sovereign debt problems in Dubai and Greece.
The FBM KLCI started the day flat, but soon made more gains and ended right at its day high, up 8.8 points at 1,272.7. Trading volume improved from Thursday’s Christmas eve low of 384 million shares to 459 million shares. Market breadth was positive with advancing stocks beating declining ones by a nearly 2-to-1 ratio.
Penny stocks and lower liners made up most of the actively traded stocks, which include L&G, XDL, SAAG, Jaks, Ho Hup, Insas and KNM. Axiata was the only notable blue chip on the list.
Institutional stocks made up most of the major gainers, notably PLANTATION [], glove making and banking stocks. The top gainers include Supermax, KL Kepong, Tanjong plc, Adventa, CIMB and Genting Plantations. On the other hand, losers include Kluang, YTL Corp, Yee Lee and Hap Seng, but mostly on very thin volume.
There will be a few leads from the US in this holiday-shortened week, which will likely see subdued trading activities. US data scheduled to be released include the consumer confidence index and home prices on Tuesday, Chicago PMI on Wednesday and jobless claims on Thursday. — InsiderAsia