Market Close KLCI hits new record close of 1,791.54 points

Market Close KLCI hits new record close of 1,791.54 points
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Thursday, 18 July 2013 17:50

KUALA LUMPUR (July 18): The FBM KLCI broke its previous record close in May 2013 to end at 1,791.54 points today as it continued making tepid gains.

Analysts noted that investors are still waiting for more clues from US Federal Reserve Chairman Ben Bernanke on the central bank’s decision with its bond-buying programme.

At 5:00 pm market close, the local stock barometer gained 2.88 points or 0.16% to hit a new record of 1,791.54 points.

The KLCI had remained in the positive territory for the whole day, trading within 1,786.99 points and 1,792.36 points.

Lifting the local benchmark today were heavyweights TENAGA NASIONAL BHD [], MISC BHD [], Maxis Bhd, MALAYAN BANKING BHD [] and UEM SUNRISE BHD [].

While the KLCI closed at its highest, the day’s gains were small.

TA Securities chartist Stephen Soo told theedgemalaysia.com: “While Bernanke has eased some concerns that the monetary policy will continue for a while, he will speak again today. So people will pay attention to what he says.”

Bernanke will make another testimony to the House Financial Services Committee today. Yesterday, he said the Fed’s timetable for winding down its bond purchases, which currently stands at US$85 billion a month, is not on a “pre-set course”, news reports said.

TA’s Soo also said that going forward, the KLCI needs to close higher than 1,791-level “convincingly” before it can test the next resistance level of 1,800.

Across Bursa Malaysia, the exchange saw a higher total trades of 1.75 billion shares valued at RM2.74 billion.

Soo said there was an interest in lower-liner oil and gas stocks today. SUMATEC RESOURCES BHD [], for example, gained as much as six sen or 21.43% to close at 34 sen.

“Probably, there are expectations of announcements by these companies or there might be speculation,” he said.

SJ Securities senior remisier Goh Kay Chong agreed. He pointed out property stocks have also been gaining interests.

Gainers almost doubled decliners at 547:280.

CLIQ Energy Bhd warrant was the most actively traded entity across the exchange. It was followed by Sumatec share and warrant.

The biggest gainers today include KPJ HEALTHCARE BHD [] share and warrant and Bursa Malaysia, which reported a 45% rise in its second quarter net profit.

The biggest decliners were COASTAL CONTRACTS BHD [], BRITISH AMERICAN TOBACCO (M) [] Bhd and HONG LEONG FINANCIAL GROUP BHD [].

In the region, Japan’s Nikkei gained 193.46 points or 1.32%, Australia’s ASX closed 11.74 points or 0.24% higher and Singapore’s Straits Times inched up by 9.87 points or 0.31%.

Hong Kong’s Hang Seng fell by 26.65 points or 0.12% while China’s Shanghai Composite lost 21.53 points or 1.05%.