KUALA LUMPUR: The Malaysian stockmarket gauge continued its upward trajectory in Tuesday morning trade, Nov 9 after closing at a multiple year high on Monday.
Analysts said the recent strong buying momentum could push the FBM KLCI to new highs. In a note to clients, TA Securities Holdings Bhd said a breakout above the high of 1,524 points seen on Jan 14, 2008, is an "eventuality" as investors returned from the sidelines.
A confirmed breakout is expected to raise the benchmark's upside hurdle to the 1,550 and 1,560 levels, followed by 1,602. Immediate support is found at 1,505 and 1,497, according to TA.
At 9.31am, the 30-stock FBM KLCI rose 3.12 points to 1,522.96 . Across the the bourse, some 192 million shares valued at RM180 million changed hands, resulting in 227 rising stocks versus 151 decliners.
Notable active and top gaining stocks include builder AHMAD ZAKI RESOURCES BHD [] (AZRB) which plans to dispose of its 21.26% stake in Eastern Pacific Industrial Corp Bhd (EPIC) to Lembaga Tabung Amanah Warisan Negeri Terengganu for RM111.5 million.
FRASER & NEAVE HOLDINGS BHD [] (F&N), whose fourth quarter net profit jumped more than seven fold to RM462.32 million, has announced a special interim dividend of RM1.10 a share. This follows gains from the disposal of its glass container business. The special payout is addition to final 38 sen a share dividend.
Meanwhile, LONDON BISCUITS BHD [] plans to acquire the remaining 54.4 million shares in poultry firm TPC PLUS BHD [] not owned by the buyer for 30 sen each or RM16.32 million
AZRB rose 13 sen to RM1.16, EPIC gained 26 sen to RM2.35, F&N advanced RM1.08 to RM15.70, while TPC was up two sen to 26.5 sen
Major Asian stocks indices fell. Japan's Nikkei 225 dropped 0.2% to 9,718.27 points, South Korea's Kospi was down 0.1% to 1,940.83, while Australia's S&P/ASX 200 lost 0.5% to 4,755.30
The ringgit was traded weaker at 3.0991 against the US dollar. Crude oil futures at the New York Mercantile Exchange rose near US$90 (RM279.36) a barrel while spot prices for gold pierced the US$1,400 an ounce, a fresh high.
As oil is traded in US dollars, a weaker dollar makes the hydrocarbon resource cheaper and more attractive to global traders. Demand for gold is, meanwhile, seen as a safeguard against inflation.
Analysts said the recent strong buying momentum could push the FBM KLCI to new highs. In a note to clients, TA Securities Holdings Bhd said a breakout above the high of 1,524 points seen on Jan 14, 2008, is an "eventuality" as investors returned from the sidelines.
A confirmed breakout is expected to raise the benchmark's upside hurdle to the 1,550 and 1,560 levels, followed by 1,602. Immediate support is found at 1,505 and 1,497, according to TA.
At 9.31am, the 30-stock FBM KLCI rose 3.12 points to 1,522.96 . Across the the bourse, some 192 million shares valued at RM180 million changed hands, resulting in 227 rising stocks versus 151 decliners.
Notable active and top gaining stocks include builder AHMAD ZAKI RESOURCES BHD [] (AZRB) which plans to dispose of its 21.26% stake in Eastern Pacific Industrial Corp Bhd (EPIC) to Lembaga Tabung Amanah Warisan Negeri Terengganu for RM111.5 million.
FRASER & NEAVE HOLDINGS BHD [] (F&N), whose fourth quarter net profit jumped more than seven fold to RM462.32 million, has announced a special interim dividend of RM1.10 a share. This follows gains from the disposal of its glass container business. The special payout is addition to final 38 sen a share dividend.
Meanwhile, LONDON BISCUITS BHD [] plans to acquire the remaining 54.4 million shares in poultry firm TPC PLUS BHD [] not owned by the buyer for 30 sen each or RM16.32 million
AZRB rose 13 sen to RM1.16, EPIC gained 26 sen to RM2.35, F&N advanced RM1.08 to RM15.70, while TPC was up two sen to 26.5 sen
Major Asian stocks indices fell. Japan's Nikkei 225 dropped 0.2% to 9,718.27 points, South Korea's Kospi was down 0.1% to 1,940.83, while Australia's S&P/ASX 200 lost 0.5% to 4,755.30
The ringgit was traded weaker at 3.0991 against the US dollar. Crude oil futures at the New York Mercantile Exchange rose near US$90 (RM279.36) a barrel while spot prices for gold pierced the US$1,400 an ounce, a fresh high.
As oil is traded in US dollars, a weaker dollar makes the hydrocarbon resource cheaper and more attractive to global traders. Demand for gold is, meanwhile, seen as a safeguard against inflation.
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