Market Close KLCI holds steady ahead of Cabinet reshuffle

by **Cals** Sat 21 Jun 2014, 03:54

Market Close KLCI holds steady ahead of Cabinet reshuffle

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Friday, 20 June 2014 18:01

KUALA LUMPUR (June 20): The stock market today was steady ahead of the Cabinet reshuffle expected to take place any time soon, said traders.

“Trading sentiment has been positive although many are paying attention to football and there was some profit-taking activities.

“The positive sentiment is due to the expectation that a reshuffle of the cabinet by the prime minister will bring in a better team,” said Sam Ng, senior remisier of Inter-Pacific Securities.

Prime Minister Datuk Seri Najib Razak is expected to add at least two ministers from Chinese-based parties (Gerakan and MCA) into his cabinet so that the voices of the ethnic Chinese could be heard at the top level.

At market close, the benchmark FBM KLCI rose 4.24 points or 0.23% to 1885.72 points in range-bound trades.

Volume traded today totalled 1.5 billion shares valued at some RM 2.06 billion.

Risers led losers 420 to 405, while 319 counters were unchanged, 485 untraded and 17 others suspended.

Heavyweights which supported the market were SapuraKencana Petroleum Bhd, Tenaga Nasional Bhd, Sime Darby Bhd, IHH, plantation stocks, CIMB.

Global stocks nestled near record highs today as markets wagered monetary policy would stay super loose in the United States, Europe and Japan for a long time to come, Reuters reported.

Federal Reserve Chair Janet Yellen has said she expects U.S. interest rates to stay near zero for a “considerable time” after stimulatory bond buying ends.