Stock Market KLCI hits new all-time high of 1,890.01

by **Cals** Wed 25 Jun 2014, 00:00

Stock Market KLCI hits new all-time high of 1,890.01

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Tuesday, 24 June 2014 16:58+

KUALA LUMPUR (June 24): The FBM KLCI hit a fresh all-time intraday high of 1,890.86 points in late trades today on window dressing and foreign interests.

At 4.06 pm, the benchmark index rose 6.90 points or 0.37% to its record high of 1,890.86.

Kaladher Govindan, head of research at TA Securities Holdings Bhd, attributed the rising KLCI to mid-year window dressing.

“The KLCI is rising today due to mid-year window dressing as next Monday is the last day of the month.

“We were largely expecting the KLCI to reach a new high sometime this week,” Kaladher said.

Sam Ng, a senior remisier at InterPacific Securities Sdn Bhd, said foreign interest also helped to push up the market today.

"I am told that a lot of funds are moving in from Singapore-based foreign funds after the prime minister recently announced some liberalisation measures on unit trusts," he said.

Meanwhile, Maybank IB regional chartist Lee Cheng Hooi said regional markets were generally up in quiet trading, adding that a slow sluggish start had even turned positive in the latter part of today.

He said last night data showed US sales of existing homes climbed 4.9 percent to a 4.89 million annualised rate last month, the most since October.

Lee said a separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.

“A preliminary China manufacturing Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics rose to 50.8 for June yesterday, exceeding the 49.7 median estimate of analysts surveyed by Bloomberg News.

“We do see the local index testing the psychological mark of 1,900. After that level, our next modest target is at 1,918 in the short-term,” he said.