Thursday, August 26, 2010

KLCI surges 11 pts to close above 1,400

KUALA LUMPUR:'' Share prices closed mostly higher on Thursday, Aug 26 with the FBM KLCI surpassing the 1,400 level buoyed by continued buying momentum for heavyweights, dealers said.

The FBM KLCI advanced 11.03 points to close at 1,408. Dealers said sentiment improved following overnight gains on Wall Street and positive corporate earnings.

External factors and concerns over a possible double-dip global recession, due to bearish data emerging from the US, would continue to influence performance on the local bourse, said Maybank Investment Bank Head of Retail Research Lee Cheng Hooi.

He said although good corporate results reported by Maybank and Axiata lent positive support to the market, more correction was expected after the recent rally.

The Finance Index surged 100.5 points to 12,742.81, the PLANTATION [] index advanced 53.19 points to 6,553.46 and the INDUSTRIAL INDEX [] rose 24.63 points to 2,683.48.

The FBM Emas Index climbed 57.49 points to 9,416.23, the FBM70 [] Index increased 20.69 points to 9,186.21 and the FBM ACE Index went up 2.39 points to 3,741.09.

Turnover declined to 684.902 million shares, worth RM1.292 billion, from 873.099 million shares worth RM1.73 billion on Wednesday. The broader market was mixed with advancers outnumbering decliners 353 to 333 while 294 counters were unchanged, 386 untraded and 31 suspended.

Among actives, Time Dotcom declined four sen to 51 sen, Axiata Group rose five sen to RM4.47, Tejari Technologies declined one sen to 24.5 sen and Carotech rose half-a-sen to 8.5 sen.

CIMB gained seven sen to RM7.92, Maybank rose nine sen to RM8.22, Proton added three sen to RM4.60, Genting gained one sen to RM9.00 and Sime Darby rose 12 sen to RM7.88. - Bernama

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