Market Close KLCI hits record close of 1826.95 after Oct trade data

Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Friday, 06 December 2013 17:22
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KUALA LUMPUR (Dec 6): The key FBM KLCI perked up at mid-afternoon
trades after the official trade data, released at noon, showed that exports in
October rose by a stronger-than-expected 9.6% from Oct 2012.
The rise in October exports was higher than the 5.9% median forecast in a
Reuters poll. This had lifted economic outlook for Malaysia and propelled the
KLCI to a new record close.
In an afternoon note, RHB said: “We believe the global economy is still on track
to chart a stronger growth in 2014. This will likely improve the demand for
Malaysia’s exports in the period ahead.”
At 5.00 pm market close, the KLCI rose 2.09 points to end at 1826.95, after
floating just above water before the trade data. It had hit a high of 1832.21 but
erased some gains just before market close.
KLCI’s rise was in stark contrast to the subdued behaviour of most stock
markets in Asia, as uncertainty over a possible reduction in the U.S. Federal
Reserve's stimulus hit sentiment.
Apart from the trade data, the KLCI was also supported by local institutional
funds, whose buying had mitigated continuous selling by foreign funds, said
analysts.
At market close, trades done totalled 1.04 billion shares valued at some
RM1.62 billion. Winners were slightly ahead of winners by 362: 356.
The focus of the day was still Help International Corporation Bhd, which ended
up 20 sen at RM2.49, after the company received a takeover offer at RM2.53
per share from a firm linked to ex-banker Tan Sri Tan Teong Hean.