MARKET DEVELOPMENT
BURSA MALAYSIA: FBM KLCI Closes At New High Of 1,879.2 Points
BURSA MALAYSIA: FBM KLCI Closes At New High Of 1,879.2 Points
15/05/2014 (Bernama) - Shares on Bursa Malaysia finished higher on Wednesday with the FTSE Bursa Malaysia KLCI (FBM KLCI) closing at a new high of 1,879.2 points, surpassing the previous all-time of 1,872.52 recorded on Dec 30, 2013.
The intra-day high of 1,882.2 points was recorded on Dec 31, 2013.
The market barometer, which gained 13.12 points from Monday's close, fluctuated between 1,873.35 and 1,879.64 throughout the day.
Affin Investment Bank Vice-President/Head of Retail Research Dr Nazri Khan said the market was lifted by gains in index-linked counters and stocks in plantation, technology as well as trading and services.
"Investors took cue from the bullish overnight performance on Wall Street, which saw both the Dow Jones and the S&P 500 closing at their high, sending optimism on the recovery of United States economy.
"The loose US monetary policy has also sparked buying interest," he told Bernama, adding these factors had influenced investors to ignore market tension such as geopolitical unrest in Ukraine.
He noted that trading was mainly dominated by foreign investors who were coming back to the Asia region amid the strengthening of the ringgit.
JF Apex Securities Head of Research, Lee Chung Cheng, said plantation stocks were favourable to investors as the industry is expected to experience an El Nino event, expected to occur as early as July.
"This will increase crude palm oil prices and a lower inventory level, which translates into better revenue for plantation companies," he added.
Among plantations, KLK jumped 48 sen to RM24.88, IOI advanced 13 sen to RM5.18 and Sime Darby gained five sen to RM9.51.
On the scoreboard, the Plantation Index soared 123.8 points to 9,282.96, the Finance Index surged 96.06 points to 17,105.29 and the Industrial Index expanded 23.34 points to 3,202.19.
The FBM Emas Index rose 82.63 points to 12,989.36, the FBMT100 Index climbed 82.66 points to 12,635.83, the Ace Index increased 50.06 points to 6,655.9 and the FBM 70 gained 70.48 points to 14,096.02.
Market breath was positive as advancers thumped decliners 521 to 283, with 319 counters unchanged, 490 untraded and 20 others suspended.
Volume increased to 1.83 billion shares worth RM2.47 billion from 1.57 billion shares worth RM1.54 billion transacted on Monday.
The local market was closed yesterday for Wesak Holiday.
Among actives, Benalec rose 12 sen to RM1.10, Harvest Court added one sen to 33.5 sen, but PDZ Holdings shed half-a-sen to 17.5 sen. 1Utopia was flat at 6.5 sen.
As for heavyweights, Maybank improved seven sen to RM9.92, TNB gained six sen to RM12.04, CIMB perked up two sen to RM7.31, Axiata advanced nine sen to RM9.51 while Public Bank was flat at RM19.96.
Main Market volume was slightly higher at 1.44 billion units worth RM2.39 billion, from the 1.16 billion units worth RM1.44 billion transacted on Monday.
Turnover on the ACE market declined to 358.35 million shares valued at RM82.76 million, from Monday's 369.84 million shares valued at RM87.88 million.
Warrants decreased to 21.82 million units worth RM3.13 million, from 41.0 million units worth RM8.78 million previously.
Consumer products accounted for 129.15 million shares traded on the Main Market, industrial products 239.14 million, construction 129.1 million, trade and services 544.1 million, technology 91.84 million, infrastructure 20.95 million, SPAC 75.91 million, finance 65.16 million, hotels 4.73 million, properties 105.13 million, plantations 27.23 million, mining 152,600, REITs 9.04 million and closed/fund 27,000.
The intra-day high of 1,882.2 points was recorded on Dec 31, 2013.
The market barometer, which gained 13.12 points from Monday's close, fluctuated between 1,873.35 and 1,879.64 throughout the day.
Affin Investment Bank Vice-President/Head of Retail Research Dr Nazri Khan said the market was lifted by gains in index-linked counters and stocks in plantation, technology as well as trading and services.
"Investors took cue from the bullish overnight performance on Wall Street, which saw both the Dow Jones and the S&P 500 closing at their high, sending optimism on the recovery of United States economy.
"The loose US monetary policy has also sparked buying interest," he told Bernama, adding these factors had influenced investors to ignore market tension such as geopolitical unrest in Ukraine.
He noted that trading was mainly dominated by foreign investors who were coming back to the Asia region amid the strengthening of the ringgit.
JF Apex Securities Head of Research, Lee Chung Cheng, said plantation stocks were favourable to investors as the industry is expected to experience an El Nino event, expected to occur as early as July.
"This will increase crude palm oil prices and a lower inventory level, which translates into better revenue for plantation companies," he added.
Among plantations, KLK jumped 48 sen to RM24.88, IOI advanced 13 sen to RM5.18 and Sime Darby gained five sen to RM9.51.
On the scoreboard, the Plantation Index soared 123.8 points to 9,282.96, the Finance Index surged 96.06 points to 17,105.29 and the Industrial Index expanded 23.34 points to 3,202.19.
The FBM Emas Index rose 82.63 points to 12,989.36, the FBMT100 Index climbed 82.66 points to 12,635.83, the Ace Index increased 50.06 points to 6,655.9 and the FBM 70 gained 70.48 points to 14,096.02.
Market breath was positive as advancers thumped decliners 521 to 283, with 319 counters unchanged, 490 untraded and 20 others suspended.
Volume increased to 1.83 billion shares worth RM2.47 billion from 1.57 billion shares worth RM1.54 billion transacted on Monday.
The local market was closed yesterday for Wesak Holiday.
Among actives, Benalec rose 12 sen to RM1.10, Harvest Court added one sen to 33.5 sen, but PDZ Holdings shed half-a-sen to 17.5 sen. 1Utopia was flat at 6.5 sen.
As for heavyweights, Maybank improved seven sen to RM9.92, TNB gained six sen to RM12.04, CIMB perked up two sen to RM7.31, Axiata advanced nine sen to RM9.51 while Public Bank was flat at RM19.96.
Main Market volume was slightly higher at 1.44 billion units worth RM2.39 billion, from the 1.16 billion units worth RM1.44 billion transacted on Monday.
Turnover on the ACE market declined to 358.35 million shares valued at RM82.76 million, from Monday's 369.84 million shares valued at RM87.88 million.
Warrants decreased to 21.82 million units worth RM3.13 million, from 41.0 million units worth RM8.78 million previously.
Consumer products accounted for 129.15 million shares traded on the Main Market, industrial products 239.14 million, construction 129.1 million, trade and services 544.1 million, technology 91.84 million, infrastructure 20.95 million, SPAC 75.91 million, finance 65.16 million, hotels 4.73 million, properties 105.13 million, plantations 27.23 million, mining 152,600, REITs 9.04 million and closed/fund 27,000.