KUALA LUMPUR: Share prices on Bursa Malaysia closed higher on Wednesday, July 28, lifted by gains in finance-related stock such as CIMB Group, dealers said.
At 5pm, the FBM KLCI rose 2.96 points or 0.22 per cent to close at its new high in the 2009-2010 rally at 1,355.19.
The benchmark index opened 0.42 of a point higher at 1,352.65 in the morning and traded within a range of 5.51 points between an intra-day high of 1,356.13 and a low of 1,350.62 during the trading session.
One of the dealers said the market started the day on a mixed note as investors were worried about the health of the global economy after mixed corporate results and a fall in consumer confidence data were reported in the US.
However, he said the rally in key Asian markets spurred buying interest in the local market.
The follow-through buying in finance-related stocks led by CIMB Group helped the FBM KLCI to finish the day at its new high in the 2009-2010 rally.
At close, the Finance Index rose 60.60 points to 12,341.22, the PLANTATION [] Index increased 9.34 points to 6,416.94 and the INDUSTRIAL INDEX [] added 2.38 points to 2,673.18.
The FBM Emas Index gained 23.80 points to 9,178.37, the FBM70 [] Index went up 25.31 points to 9,174.34 and the FBM Ace Index advanced 8.15 points to 3,799.18.
Advancers led decliners by 445 to 264 while 278 counters were unchanged, 377 untraded and 28 others suspended. Volume increased to 847.160 million shares worth RM1.251 billion.
Reuters reported mjor Southeast Asian stock markets posted small gains, supported by favourable quarterly earnings against a background of strong regional growth.
However, broker Citi said the earnings outlook for the second half was not as good in several Asian countries as export markets weakened and some stock markets could suffer if profit forecasts were revised down.
"Indonesia remains most vulnerable to poor revisions. The market has been re-rating as the next India but the earnings story is beginning to look less robust," the broker said.
But it added: "India, the Philippines, Singapore and Thailand have all seen their earnings outlook improve versus the prior month."
Singapore's main share index pushed 0.2 percent higher and hovered around three-month highs, while Malaysia inched up 0.2
percent, to just below a 29-month peak hit the previous day.
Indonesia, Asia's second best performer after Sri Lanka, finished up 0.5 percent, at one point touching a record high of 3,064.79. The Philippines was up 0.5 percent, extending gains to two-week highs.
Thailand, Asia's third-best performer, ended flat, coming off an intra-day peak of 860, a 26-month high. Vietnam bucked the trend and fell 1.34 percent.
In Singapore, big banks gained ahead of their quarterly results. DBS Group, Southeast Asia's largest lender, was up 0.6 percent ahead of its results on Friday. Oversea Chinese Banking Corp, which is due to release its quarterly earnings next week, rose 0.8 percent.
Financial firms outperformed in Kuala Lumpur, with Hong Leong jumping 2.1 percent and CIMB Group up 1.2 percent. In Jakarta, dominant car seller Astra International, rose 1.4 percent to a record high.
Optimism over the second-half performance boosted Thai shares further, following a slew of quarterly results, although the market is seen as overbought on some indicators.
The SET index's 14-day relative strength index (RSI) was at 77.15 at the close on Wednesday. Others were below 70. An RSI level of 70 and higher indicates the market is overbought.
Top industrial conglomerate Siam Cement, a bellwether of Thai economic health, gained 1.1 percent to a three-week high after its quarterly profit beat forecasts and it raised its sales target for the year.
Among other weak spots in the region, Astra Agro Lestari, Indonesia's biggest listed palm oil plantation firm, dropped 3.7 percent after it said first-half net profit fell 17 percent.
In Manila, shares in San Miguel surged 10 percent after the Philippine conglomerate said it could raise around $1.6 billion by selling shares and would pay a special dividend.- Bernama/Reuters
At 5pm, the FBM KLCI rose 2.96 points or 0.22 per cent to close at its new high in the 2009-2010 rally at 1,355.19.
The benchmark index opened 0.42 of a point higher at 1,352.65 in the morning and traded within a range of 5.51 points between an intra-day high of 1,356.13 and a low of 1,350.62 during the trading session.
One of the dealers said the market started the day on a mixed note as investors were worried about the health of the global economy after mixed corporate results and a fall in consumer confidence data were reported in the US.
However, he said the rally in key Asian markets spurred buying interest in the local market.
The follow-through buying in finance-related stocks led by CIMB Group helped the FBM KLCI to finish the day at its new high in the 2009-2010 rally.
At close, the Finance Index rose 60.60 points to 12,341.22, the PLANTATION [] Index increased 9.34 points to 6,416.94 and the INDUSTRIAL INDEX [] added 2.38 points to 2,673.18.
The FBM Emas Index gained 23.80 points to 9,178.37, the FBM70 [] Index went up 25.31 points to 9,174.34 and the FBM Ace Index advanced 8.15 points to 3,799.18.
Advancers led decliners by 445 to 264 while 278 counters were unchanged, 377 untraded and 28 others suspended. Volume increased to 847.160 million shares worth RM1.251 billion.
Reuters reported mjor Southeast Asian stock markets posted small gains, supported by favourable quarterly earnings against a background of strong regional growth.
However, broker Citi said the earnings outlook for the second half was not as good in several Asian countries as export markets weakened and some stock markets could suffer if profit forecasts were revised down.
"Indonesia remains most vulnerable to poor revisions. The market has been re-rating as the next India but the earnings story is beginning to look less robust," the broker said.
But it added: "India, the Philippines, Singapore and Thailand have all seen their earnings outlook improve versus the prior month."
Singapore's main share index pushed 0.2 percent higher and hovered around three-month highs, while Malaysia inched up 0.2
percent, to just below a 29-month peak hit the previous day.
Indonesia, Asia's second best performer after Sri Lanka, finished up 0.5 percent, at one point touching a record high of 3,064.79. The Philippines was up 0.5 percent, extending gains to two-week highs.
Thailand, Asia's third-best performer, ended flat, coming off an intra-day peak of 860, a 26-month high. Vietnam bucked the trend and fell 1.34 percent.
In Singapore, big banks gained ahead of their quarterly results. DBS Group, Southeast Asia's largest lender, was up 0.6 percent ahead of its results on Friday. Oversea Chinese Banking Corp, which is due to release its quarterly earnings next week, rose 0.8 percent.
Financial firms outperformed in Kuala Lumpur, with Hong Leong jumping 2.1 percent and CIMB Group up 1.2 percent. In Jakarta, dominant car seller Astra International, rose 1.4 percent to a record high.
Optimism over the second-half performance boosted Thai shares further, following a slew of quarterly results, although the market is seen as overbought on some indicators.
The SET index's 14-day relative strength index (RSI) was at 77.15 at the close on Wednesday. Others were below 70. An RSI level of 70 and higher indicates the market is overbought.
Top industrial conglomerate Siam Cement, a bellwether of Thai economic health, gained 1.1 percent to a three-week high after its quarterly profit beat forecasts and it raised its sales target for the year.
Among other weak spots in the region, Astra Agro Lestari, Indonesia's biggest listed palm oil plantation firm, dropped 3.7 percent after it said first-half net profit fell 17 percent.
In Manila, shares in San Miguel surged 10 percent after the Philippine conglomerate said it could raise around $1.6 billion by selling shares and would pay a special dividend.- Bernama/Reuters
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