Market Close KLCI closes at all-time high of 1,892.33

by **Cals** Wed 25 Jun 2014, 00:02

Market Close KLCI closes at all-time high of 1,892.33

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Tuesday, 24 June 2014 17:17

KUALA LUMPUR (June 24): The FBM KLCI hit an all-time high of 1,892.33 in late trades today on window dressing and foreign interests.

At 5.00 pm, the benchmark index rose 8.37 points or 0.44% to notch the record 1,892.33 points.

According to Kaladher Govindan, head of research at TA Securities Holdings Bhd, the KLCI rise today is due to mid-year window dressing as next Monday is the last day of the month.

“We were largely expecting the KLCI to reach a new high sometime this week,” Kaladher said.

Sam Ng, a senior remisier at InterPacific Securities Sdn Bhd, said foreign interest also helped to push up the market today.

"I am told that a lot of funds are moving in from Singapore-based foreign funds after the prime minister recently announced some liberalisation measures on unit trusts," he said.

Meanwhile, Maybank IB Regional Chartist Lee Cheng Hooi said regional markets were generally up in quiet trading, adding that the slow, sluggish start turned positive in the latter part of today

He said last night data showed US sales of existing homes climbed 4.9 per cent to a 4.89 million annualised rate last month, the most since October.

Lee said a separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.

“A preliminary China manufacturing Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics rose to 50.8 for June yesterday, exceeding the 49.7 median estimate of analysts surveyed by Bloomberg News.

“We do see the local index testing the psychological mark of 1,900. After that level, our next modest target is at 1,918 in the short-term,” he said.

The exchange saw 2.01 billion shares, valued at RM2.17 billion traded. Gainers led decliners by 451 versus 396, while 309 counters were unchanged.

Among the gainers were Lysaght Galvanized Steel Bhd, Southern Acids (M) Bhd and Petronas Gas Bhd, while Panasonic Manufacturing Malaysia Bhd led the decliners. The top active stock was Sumatec Resources Bhd.

Regionally, Japan’s Nikkei rose 0.05%, while Hong Kong’s Hang Seng gained 0.33%.

Reuters reported that Asian shares clinched slender gains on Tuesday as improved manufacturing data from China, Japan and the United States augured well for global growth, despite a disappointing result from the euro zone.

Though moves were modest as markets slipped into something of a summer lull, MSCI's broadest index of Asia-Pacific shares outside Japan managed to gain 0.3 percent.