Market Close KLCI rises 0.9% to new record close on continuous post-election rally

by **Cals** Tue 14 May 2013, 00:12

Market Close KLCI rises 0.9% to new record close on continuous post-election rally
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 13 May 2013 17:44

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KUALA LUMPUR (May 13): The FBM KLCI advanced by 15.52 points or 0.88% to a new all-time closing high of 1,787.9 points today, as investors continued to storm the market one week after the incumbent Barisan Nasional won the general election.
The market saw a multi-year high turnover of 2.86 billion shares worth RM3.05 billion due to strong buying by funds and retail players. Gainers outnumbered losers by 889 to 141 respectively.

The KLCI index, which rose by 11 points five minutes after the opening bell, pared gains to 1,775.34 in morning trades. It later rose steadily to an intraday high of 1,789.62 points.

Today’s leaders included PETRONAS GAS BHD [], PETRONAS DAGANGAN BHD [] and UMW HOLDINGS BHD [].

RHB Research analyst Mohammad Ashraf Abu Bakar told theedgemalaysia.com that he expects the KLCI to go higher in the future.

“The good performance of today’s market was due to the continuation of the post-election rally. After the re-rating of the general elections, it doesn’t take only one day for the stocks to go higher,” he said.

Some of the better-performing stocks today included CIMB Group Holdings Bhd and TENAGA NASIONAL BHD [], which were given rating upgrades after the elections.

SJ Securities’ senior remisier Goh Kay Chong told theedgemalaysia.com that retail investors have come back to the market.

“This is a good time to invest. They (retail investors) are buying stocks that have been lagging.”

Interpacific Securities head of research Pong Teng Siew said while retail investors have returned to the stock market, the amount of investment by these individuals is still not huge.

“But it is still an improvement from a year ago. They have bought stocks that have been lagging for a year,” he told theedgemalaysia.com.

Pong noted some of the stocks include WAH SEONG CORPORATION BHD [] and MUDAJAYA GROUP BHD [], which are some of analysts’ favourites.

MALAYSIAN AIRLINE SYSTEM BHD []’s rights shares were the top active, followed by Trinity Corp Bhd and CLIQ Energy Bhd warrants.

Top gainers included AEON CREDIT SERVICE (M) BHD [], Petronas Gas and CAN-ONE BHD [].

Top losers were MISC BHD [], KHIND HOLDINGS BHD [] and KLCC PROPERTY HOLDINGS BHD [].

Across the Asian region, Japan’s Nikkei closed 174.67 points or 1.2% higher, Australia’s ASX 200 inched up by 4.25 points or 0.08% and Korea’s Kospi gained 3.95 points or 0.2%.

Hong Kong’s Hang Seng dropped 325.81 points or 1.4%, China’s Shanghai Composite Index trimmed 4.89 points or 0.22% and Singapore’s Straits Times Index dipped by 12.58 points or 0.37%.