KL stocks to continue gaining ground

The FTSE Bursa Malaysia KLCI (FBM KLCI) will most likely trend higher
next week as the outcome of the European Leaders Summit is expected to
be a favourable impact coupled with encouraging global economic data
and local window dressing activities.


"We expect local stocks to continue gaining ground, despite
lingering global uncertainties, as the local bourse had a reputation
for being a defensive market during volatile times," said Dr Nazri
Khan, Affin Investment Vice-President and Head of Retail Research.



He said as the market approached the first week of second half of
the year, last minute window dressing was expected to sustain positive
sentiment.



Nazri said immediate support level was now pegged at 1,580 and
1,590 levels while immediate resistance was expected at the 1,610
points level.




The listing of Felda Global Ventures Holdings Bhd would
continue to stimulate interest, supported by 12 institutional
investors, including European and Middle East agri-business giants.

The world's third largest palm oil operator made its maiden debut
on Thursday for a 84 sen premium at RM5.39 over its offer price of
RM4.55. The counter closed at RM5.32 on Friday.


Meanwhile, Nazri also noted that rising optimism over the
eurozone's debt problems and the outcome of the EU summit have kept
growth-sensitive assets trending higher.



On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI
achieved an all-time high of 1,611.5 on June 25 before finishing the
week 3.92 points lower at 1,599.15.


The Finance Index dropped 3.92 points to 1,599.15, the Industrial
Index added 23.83 points to 2,847.47 and the Plantation Index erased
22.57 points to

8,484.06.


The FBM Emas Index lost 39.18 points to 10,917.64, the FBM ACE
Index earned 45.10 points to 4,354.7 and the FBM Mid 70 Index fell
128.68 points to

11,919.38.


The weekly volume expanded to 6.163 billion shares, valued at
RM8.988 billion, from 4.848 billion shares, worth RM6.437 billion,
registered last week.


The main market turnover increased to 4.195 billion shares, worth
RM8.717 billion, from 3.369 billion units, worth RM6.229 billion,
transacted previously.


Volume on the ACE Market rose to 1.519 billion shares, worth
RM198.801 million, from last week's 708.342 million shares valued at
RM132.955 million.

Warrants decreased to 433.354 million units, valued at RM63.344
million against 708.324 million units, valued at RM132.955 million,
recorded last week. -- BERNAMA