KUALA LUMPUR: Some fund buying of PLANTATION []s helped nudged the FBM KLCI past the very important 1,500 level in morning trade on Thursday, Oct 14, as interest was also galvanised by firmer key regional markets.
At 10.42am, KL Kepong rose RM1.18 to RM19.78 while Batu Kawan added 40 sen to RM13.60, UMCCA 22 sen to RM11.22, United Plantations 18 sen to RM15.98, Sime and Kulim 14 sen each to RM8.99 and RM9.54.
Manulife Holdings surged 33 sen to RM3.17 with 876,300 shares done after its single largest shareholder made a conditional takeover offer at RM3.22 a share.
JCY, which rallied on Wednesday, eased four sen to RM1.06 and it was the second most active with 13.5 million shares done.
RHB Research Institute, in its market outlook, said impressively, the FBM KLCI shrugged off the pullback risk and made a strong turnaround on Wednesday to resume its bullish short-term rally.
'With a strong closing at a 33-month high and the upbeat technical indicators, we believe the FBM KLCI will break above the 1,500 psychological level by the end of this week.
'In fact, we expect the current upbeat sentiment to persist on regional markets' strength, especially with some Asian markets hitting a new record high or a fresh year high on continuous foreign capital inflows recently,' it said.
RHB Research said moreover, ahead of the 2011 Budget announcement on Friday, speculations are bound to increase in the near term on selective sectors like the CONSTRUCTION [], services and property sectors.
'Coupled with a robust daily volume at above the 1.0bn shares mark of late, more investors are expected to return to the trading floors due to the increased risk appetite following the recent gains.
'Technically, upon the removal of 1,500, the benchmark will likely accelerate its upward momentum and head towards the all-time high level of 1,524.69 or higher soon,' it said.
At 10.42am, KL Kepong rose RM1.18 to RM19.78 while Batu Kawan added 40 sen to RM13.60, UMCCA 22 sen to RM11.22, United Plantations 18 sen to RM15.98, Sime and Kulim 14 sen each to RM8.99 and RM9.54.
Manulife Holdings surged 33 sen to RM3.17 with 876,300 shares done after its single largest shareholder made a conditional takeover offer at RM3.22 a share.
JCY, which rallied on Wednesday, eased four sen to RM1.06 and it was the second most active with 13.5 million shares done.
RHB Research Institute, in its market outlook, said impressively, the FBM KLCI shrugged off the pullback risk and made a strong turnaround on Wednesday to resume its bullish short-term rally.
'With a strong closing at a 33-month high and the upbeat technical indicators, we believe the FBM KLCI will break above the 1,500 psychological level by the end of this week.
'In fact, we expect the current upbeat sentiment to persist on regional markets' strength, especially with some Asian markets hitting a new record high or a fresh year high on continuous foreign capital inflows recently,' it said.
RHB Research said moreover, ahead of the 2011 Budget announcement on Friday, speculations are bound to increase in the near term on selective sectors like the CONSTRUCTION [], services and property sectors.
'Coupled with a robust daily volume at above the 1.0bn shares mark of late, more investors are expected to return to the trading floors due to the increased risk appetite following the recent gains.
'Technically, upon the removal of 1,500, the benchmark will likely accelerate its upward momentum and head towards the all-time high level of 1,524.69 or higher soon,' it said.
No comments:
Post a Comment