FBM KLCI rises to historic high

by **hlk** Wed 29 Jun 2011, 18:29

KUALA LUMPUR: The FBM KLCI surged to close at a fresh historic high on Wednesday, June 29, lifted by gains including at index-linked PLANTATION [] stocks and select blue chips on some late window-dressing activities as the second quarter draws to an end.

The 30-stock FBM KLCI was up 4.99 points to 1,575.01, surpassing its previous record high close of 1,574.49 on Jan 17 this year. Gainers led losers by 434 to 333, while 319 counters traded unchanged. Volume was 1.04 billion shares valued at RM1.79 billion.

Among the gainers, HONG LEONG BANK BHD [] added 18 sen to RM13.10, HLFG 12 sen to RM13.10, MALAYAN BANKING BHD [] four sen to RM8.93, MISC BHD [] eight sen to RM7.30, GAMUDA BHD [] and Axiata Group Bhd three sen each to RM3.80 and RM5, and Petronas Chemicals Group Bhd two sen to RM7.06.

Index-linked plantation stocks rose as crude palm oil futures firmed up, with SIME DARBY BHD [] adding seven sen to RM9.27, KUALA LUMPUR KEPONG BHD [] and PPB GROUP BHD [] added two sen each to RM22.10 and RM17.22, while IOI CORPORATION BHD [] edged up one sen to RM5.31.

MSM Holdings Bhd, which made an impressive debut on the Main Market on June 28, succumbed to profit taking and fell 19 sen to RM4.70 with 16.44 million shares done.

Other decliners included HONG LEONG INDUSTRIES BHD [], JAYA TIASA HOLDINGS BHD [], BLD Plantations Bhd and UEM LAND HOLDINGS BHD [].

Meanwhile, growing market confidence that the Greek parliament will approve the austerity programme, and that a French plan to rollover Greek sovereign bonds will help avert a default, lifted most Asian stocks, according to Reuters.

Greek lawmakers will vote Wednesday and Thursday on a five-year package of spending cuts, tax increases and privatisation in order to secure the next 12 billion euro slice of aid in July.

At the regional markets, Japan’s Nikkei 225 jumped 1.54% to 9,797.26, South Korea’s Kospi was up 1.53% to 2,094.42, Taiwan’s Taiex gained 1.11% to 8,573.38, Singapore’s Straits Times Index advanced 0.95% to 3,079.74 and Hong Kong’s Hang Seng Index was flat at 22,061.18. The Shanghai Composite Index fell 1.11% to 2,728.48.