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FBM KLCI remains strong

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KUALA LUMPUR: Wednesday’s trading at 10am on the FBM KLCI remained positive from the start of the day, at 1646.61, 5.04 points or 0.31% higher. A total of 188.88 million shares were traded with a turnover of RM250.5mil. Gainers led losers 215 to 118 while 182 counters were unchanged.

BIMB Securities said in its market preview that clearer skies were ahead as improved consumer confidence from Germany coupled with expectations that more stimulus are to be announced for the US boosted sentiments as the Dow Jones Industrial Average jumped by almost 79 points to 13,248.

“Likewise European stocks were broadly higher spurred by Germany and Spain’s successful sale of its treasuries. However Asian equities were rather mixed as China declined following its below expectations new yuan loans,” it said.

It added: “Nonetheless, the FBMKLCI continued with its impressive uptrend with another 9.42 points gain to 1,641.57 as buying interests from foreign funds continued with another net inflow of RM268m yesterday.”

On the local bourse, the research house expected a buying trend to continue over the short term as the FBM KLCI has underperformed the region year-to-date. The index should test the 1,650 mark today.

At 10am, gainers on the local bourse were plantation stocks with United Plantations Bhd which gained 62 sen to RM25.48; Kuala Lumpur Kepong which rose 48 sen to RM21.58 and Telekom Malaysia Bhd which went up 11 sen to RM5.79.

Losers were Petronas Dagangan Bhd which lost 40 sen to RM23.12; Petronas Gas Bhd which dropped 28 sen to RM18.14 and Carlsberg Brewery (M) Bhd which shed 14 sen to RM12.78.  –  The Star

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