FBM KLCI continue to move up
Filed Under (Bursa Malaysia) by Webmaster on 12-04-2010
Tagged Under : bull market, FBM KLCI
The local stock market started the week on a high note with the FTSE Bursa Malaysia KL Composite Index (FBM KLCI) adding 7.4 points to 1,341.38 at 10.30 am.
The benchmark index opened 2.41 points higher at 1,336.39 at 9 am.
Advancers led decliners by 308 to 190 while 233 counters traded unchanged. Turnover stood at 320.1 million shares worth RM345.8mil.
TA Securities said some heavyweights were likely to appreciate further after recent weakness.
It added that the persistent strength in global markets due to increasing signs of the global economic recovery would be sustainable given the higher-than-expected retail sales numbers last week in the US and Japan would spillover to the local stock market.
Meanwhile, HwangDBS said there was a possibility that the local bourse would resume its uptrend ahead.
“This may be the case if the benchmark index cuts above the 1,340 resistance line in a convincing manner, making its way then towards the next resistance of 1,375,” it said.
The research house expects share prices on the local stock exchange to turn up today following Wall Street’s buoyant performance on Friday, which lifted major US equity barometers to close at fresh highs since the bull run started in March last year.
Automotive and related stocks continued to lead gainers. Tan Chong continued its uptrend from last week, rising 45 sen to RM4.98, Warisan gained 30 sen to RM2.85 and APM was 20 sen higher to RM4.54.
PPB Group added 22 sen to RM17.86, Tenaga 19 sen to RM8.70 while MISC saw its shares climb 22 sen to RM8.71.
Talam was the most active with 19.5 million shares done. The counter rose 0.5 sen to 13.5 sen.
