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Growing economic optimism, better commodity prices bullish for stock market
by Cals Wed 18 Dec 2013, 01:17
Growing economic optimism, better commodity prices bullish for stock market
Business & Markets 2013
Written by Bernama
Tuesday, 17 December 2013 21:13
KUALA LUMPUR (Dec 17): Growing optimism over Malaysia's economic momentum, coupled with a strong recovery in commodity prices, injected fresh buying appetite among fund managers on the local bourse today, says analyst.
Affin Investment Bank Vice-President and Head of Retail Research Dr Nazri Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI)'s bullish performance was within expectation, despite the weaker sentiment on global equity markets.
The benchmark index hit a new all-time high of 1,851.94 points at 3 pm, boosted by window dressing activities, ahead of the New Year.
It ended the day at 1,850.9, up 13.02 points or 0.7 per cent from yesterday's 1,837.88 points, after fluctuating between 1,837.22 points and 1,851.94 points throughout the day.
Market rally pushed the index to breach new all-time highs several times today, surpassing the previous record of 1,846.92 points registered on Dec 10.
Buying interest was mostly seen in index-linked counters with Axiata Group, Petronas Gas and Petronas Chemicals, contributing 4.299 points to the index's rise today.
Axiata Group's share soared 12 sen to RM6.87, Petronas Gas surged 40 sen to RM23.20, while Petronas Chemicals advanced seven sen to RM6.83.
A total of 1.081 billion shares worth RM1.545 billion, were transacted today.
Nazri also said Bursa Malaysia gained interest this week, led by local institutional buying, ahead of the year-end.
"FBMKLCI is holding up well, due to Bursa's defensive appeal, resilient domestic liquidity and its lower vulnerability to foreign investor withdrawals.
"Ironically, foreign fund portfolio are still negative," the analyst told Bernama.
Nazri said investors accumulated several attractive stocks — among others, oil and gas, and plantation-related stocks like TNB and SapuraKencana.
After breaching new highs and moving forward into the New Year, Nazri is bullish of the near-term trend for the Bursa Malaysia.
Business & Markets 2013
Written by Bernama
Tuesday, 17 December 2013 21:13
KUALA LUMPUR (Dec 17): Growing optimism over Malaysia's economic momentum, coupled with a strong recovery in commodity prices, injected fresh buying appetite among fund managers on the local bourse today, says analyst.
Affin Investment Bank Vice-President and Head of Retail Research Dr Nazri Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI)'s bullish performance was within expectation, despite the weaker sentiment on global equity markets.
The benchmark index hit a new all-time high of 1,851.94 points at 3 pm, boosted by window dressing activities, ahead of the New Year.
It ended the day at 1,850.9, up 13.02 points or 0.7 per cent from yesterday's 1,837.88 points, after fluctuating between 1,837.22 points and 1,851.94 points throughout the day.
Market rally pushed the index to breach new all-time highs several times today, surpassing the previous record of 1,846.92 points registered on Dec 10.
Buying interest was mostly seen in index-linked counters with Axiata Group, Petronas Gas and Petronas Chemicals, contributing 4.299 points to the index's rise today.
Axiata Group's share soared 12 sen to RM6.87, Petronas Gas surged 40 sen to RM23.20, while Petronas Chemicals advanced seven sen to RM6.83.
A total of 1.081 billion shares worth RM1.545 billion, were transacted today.
Nazri also said Bursa Malaysia gained interest this week, led by local institutional buying, ahead of the year-end.
"FBMKLCI is holding up well, due to Bursa's defensive appeal, resilient domestic liquidity and its lower vulnerability to foreign investor withdrawals.
"Ironically, foreign fund portfolio are still negative," the analyst told Bernama.
Nazri said investors accumulated several attractive stocks — among others, oil and gas, and plantation-related stocks like TNB and SapuraKencana.
After breaching new highs and moving forward into the New Year, Nazri is bullish of the near-term trend for the Bursa Malaysia.
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