TM nudges Malaysia’s blue chips higher in early trade

by **Cals** Mon 30 Dec 2013, 09:39

Published: Monday December 30, 2013 MYT 9:15:00 AM
Updated: Monday December 30, 2013 MYT 9:17:26 AM
TM nudges Malaysia’s blue chips higher in early trade
BY JOSEPH CHIN

KUALA LUMPUR: The FBM KLCI started on a firm note on Monday, underpinned by gains in Telekom Malaysia with analysts expecting the 30-stock index to retest the all time high of 1,862.63.
At 9.03am, the KLCI was up 0.35 point to 1,861.41. Turnover was 34.39 million shares valued at RM15.77mil. There were 87 gainers, 32 losers and 121 counters unchanged.

BIMB Securities Research said as 2013 was drawing to a close, global investors should be extremely happy with the performances of most equity markets thus far.

It said the KLCI surged by almost 17 points to 1,861.06 as foreign funds trickled back with a net inflow of RM58mil last Friday.

“Despite this, there remained a net outflow of RM114mil for the whole of last week as foreign funds continued to exit the country.

“With two more days to go before we welcome 2014, the benchmark index is expected to re-test the market all time high at 1,862.63 before the year ends,” it said.

United Plantations rose 40 sen to RM26.38 with 100 shares done while LPI gained 12 sen to RM17.54 abd TM added seven sen to RM5.53 while AFG inched up seven sen also to RM4.85.

OSK Ventures rose 4.5 sen to 59 sen with 1.59 million shares done after the company received a takeover offer.

Genting Malaysia fell six sen to RM4.35 and Genting four seb to RM10.32. Petronas Chemicals fell two sen to RM6.92.