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Malaysia Market Watch 17th July 2012

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SHARE prices closed on a bullish note yesterday with the benchmark FTSE Bursa Malaysia KLCI finishing at an all-time high of 1,635.96, up 0.58 per cent or 9.58 points, buoyed by buying interest in selected finance and utility blue chips, dealers said.

The index’s previous all-time high was recorded on July 11 at 1,629.45.

A technical chartist, Stephen Soo, said buying interest in finance and utility counters emerged as investors sought stocks that gave good dividend returns.

He said bullish regional bourses as well as gains on Wall Street on Friday helped to lift the local bourse. “The market also reacted positively to China’s commitment to do more to stimulate its economy.”Advancers outpaced decliners 476 to 298 while 328 counters closed unchanged, 476 untraded and 13 others were suspended.

Total volume fell to 1.112 billion shares, valued at RM1.509 billion, from 1.29 billion shares valued at RM1.616 billion on Friday.

On the active list, Censof Holdings gained 3.5 sen to 50.5 sen, AT Systematisation added two sen to 23 sen and Ingenuity Solutions-Warr earned half-a-sen to five sen.

In heavyweights, Maybank and Sime Darby added one sen each to RM8.79 and RM9.95, respectively, CIMB and Petronas Chemicals gained two sen each to RM7.89 and RM6.57, respectively, and Tenaga advanced 14 sen to RM6.70.

Meanwhile, FBM KLCI futures contracts on Bursa Malaysia Derivatives closed higher in line with the firmer cash market. July 2012 and December 2012 rose six points each to 1,632.5 and 1,629.5.

Turnover slipped to 3,891 lots from 4,424 lots on Friday while open interests fell to 35,944 contracts from 38,594 contracts. – Bernama