KUALA LUMPUR: The FBM KLCI started on a firm note on Monday, Nov 8 with the index just near the all-time intra-day high of 1,524, spurred by global and domestic factors and managed to hold on to most of the gains towards midday.
At 12.30pm, the KLCI added 7.95 points to 1,519.69, led by shares of PLANTATION [] heavyweights amid substantial gains in crude palm oil (CPO) prices.
The 30-stock benchmark had earlier hit a fresh intraday high of 1,522.77. There were 830 million shares transacted at RM1.1 billion. Advancers beat decliners 510 to 271.
Stocks in focus were Sunrise after the takeover offer by UEM Land, Sapura Resources and plantation stocks. Sunrise was the most active with 32.7 million shares done.
Across Asian bourses, Japan's Nikkei 225 added 0.7% to 9,697.15 but Hong Kong's Hang Seng fell 0.2% to 24,840.56. South Korea's Kospi shed 0.01% to 1938.86.
The ringgit was at quoted at 3.0925 against a weakening US dollar as US lawmakers pursue their quantitative easing (QE) measures which increase the supply of the US'' dollar. The move has devalued the currency.
Analysts said the FBM KLCI would find support from foreign money inflow following the US Federal Reserve's QE measures. Also, anticipation of a good financial reporting season this month, and better political sentiment in Malaysia would lend support to local equities, they said.
"As Bursa was closed last Friday, the FBM KLCI is expected to play catch-up with the strong gains recorded by its regional peers, spurred by'' the Fed's QE2 plan, " Hong Leong Investment head of research Low Yee Huap said.
A weaker dollar, in turn, spurred investment demand for commodities as a safeguard against inflation. Crude oil futures rose near the US$90 a barrel while spot prices for gold hit a fresh high of US$1,389.05 an ounce.
Malaysian palm oil futures which also received a demand boost from China, the world's biggest consumer, gained 5%, or RM156 to RM3,343 a'' tonne.
Immediate resistance for the FBM KLCI could be seen at the 1,525 to1,540 point level, while support may be found between 1,502'' and'' 1,486, according to Hong Leong Research.
Sunrise surged 59 sen to RM3.11 and it saw 32.7 million shares done, while UEM Land gained 11 sen to RM2.37.'' Sunrise received a'' conditional takeover offer from UEM Land Bhd at an offer price of RM2.80 per share.
Among plantation stocks, KL Kepong rose 80 sen to RM20.60 and Batu Kawan 34 sen to RM15.48.
Kulim's corporate exercise involving a share split, bonus issue and free warrants last week saw it surging 90 sen to RM12.84. QSR added 34 sen to RM5.82 and KFCH 25 sen to RM4.17.
MSC, which posted losses due to impairments, fell 20 sen to RM4.60 while Masterskill lost 14 sen to RM2.26.
At 12.30pm, the KLCI added 7.95 points to 1,519.69, led by shares of PLANTATION [] heavyweights amid substantial gains in crude palm oil (CPO) prices.
The 30-stock benchmark had earlier hit a fresh intraday high of 1,522.77. There were 830 million shares transacted at RM1.1 billion. Advancers beat decliners 510 to 271.
Stocks in focus were Sunrise after the takeover offer by UEM Land, Sapura Resources and plantation stocks. Sunrise was the most active with 32.7 million shares done.
Across Asian bourses, Japan's Nikkei 225 added 0.7% to 9,697.15 but Hong Kong's Hang Seng fell 0.2% to 24,840.56. South Korea's Kospi shed 0.01% to 1938.86.
The ringgit was at quoted at 3.0925 against a weakening US dollar as US lawmakers pursue their quantitative easing (QE) measures which increase the supply of the US'' dollar. The move has devalued the currency.
Analysts said the FBM KLCI would find support from foreign money inflow following the US Federal Reserve's QE measures. Also, anticipation of a good financial reporting season this month, and better political sentiment in Malaysia would lend support to local equities, they said.
"As Bursa was closed last Friday, the FBM KLCI is expected to play catch-up with the strong gains recorded by its regional peers, spurred by'' the Fed's QE2 plan, " Hong Leong Investment head of research Low Yee Huap said.
A weaker dollar, in turn, spurred investment demand for commodities as a safeguard against inflation. Crude oil futures rose near the US$90 a barrel while spot prices for gold hit a fresh high of US$1,389.05 an ounce.
Malaysian palm oil futures which also received a demand boost from China, the world's biggest consumer, gained 5%, or RM156 to RM3,343 a'' tonne.
Immediate resistance for the FBM KLCI could be seen at the 1,525 to1,540 point level, while support may be found between 1,502'' and'' 1,486, according to Hong Leong Research.
Sunrise surged 59 sen to RM3.11 and it saw 32.7 million shares done, while UEM Land gained 11 sen to RM2.37.'' Sunrise received a'' conditional takeover offer from UEM Land Bhd at an offer price of RM2.80 per share.
Among plantation stocks, KL Kepong rose 80 sen to RM20.60 and Batu Kawan 34 sen to RM15.48.
Kulim's corporate exercise involving a share split, bonus issue and free warrants last week saw it surging 90 sen to RM12.84. QSR added 34 sen to RM5.82 and KFCH 25 sen to RM4.17.
MSC, which posted losses due to impairments, fell 20 sen to RM4.60 while Masterskill lost 14 sen to RM2.26.
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