Market Close KLCI hits new high at 1841.87, up 0.8% on windowdressing and global data

by **hlk** Mon 09 Dec 2013, 19:30

Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Monday, 09 December 2013 18:30
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KUALA LUMPUR (Dec 9): The key FBM KLCI rose 0.82% today to hit a new
record close, aided by window-dressing activity as well as bullish global data.
The strong KLCI gain was also in line with most Asian markets, which were
energised by upbeat Chinese trade data and a rise of 1.26% on Wall Street last
Friday, according to analysts.
At 5.00 pm market close, the FBM KLCI rose 14.92 points to end at new high
of 1841.87, lifted by gains at Petronas-linked counters (Petgas, Petdag,
Petchem), plantation stocks and other select blue chips. The KLCI’s intraday
high was 1843.62.
The previous high was registered on Dec 3, 2013, with the benchmark index
touching 1,840.12 points, according to Bernama.
“The local funds are supporting the market with window-dressing activities. The
volume today was not very high and the rise of the KLCI was gradual,” said a senior dealer with a bank-backed securities firm.
“The usual suspect in December is window-dressing as most companies end their financial year this month. But external factors also
helped,” said a senior analyst.
The market breadth was positive, with gainers leading losers by 457 to 297, while 320 counters traded unchanged. Trading volume was
1.14 billion shares valued at RM1.455 billion.
The top gainers were led by Hong Leong Financial Group, BAT, United Plantations (UP), Petronas Gas, Bursa Malaysia, Hibiscus.
In an early report today, Affin IB vice president and head of retail research Dr Nazri Khan said local equity prices will maintain bullish bias
on positive global economic data, continuous carry trades and commodity/plantation sector strength.
“Bursa should get significant catalyst from a strong commodity bounce with crude palm oil, light crude oil…with the plantation sector
leading the rest of the broad market,” he said.
In addition to UP, other major plantation stocks that rose included PPB Group, Sime Darby Bhd, IOI Corporation and Felda Global
Ventures