KUALA LUMPUR: The FBM KLCI chalked up another session of strong gains on Tuesday, Jan 4, underpinned by foreign fund buying of index linked stocks as their risk appetite for equities was v emboldened by the strong regional markets.
The KLCI advanced 18.47 points or 1.2% to 1,551.89, the highest ever for the 30-stock index. Turnover was 2.01 billion shares valued at RM2.88 billion. There were 637 gainers, 233 losers and 262 stocks unchanged.
'Foreign funds are buying up index-linked stocks, like banks while interest was also generated by talk of an early general elections and a stronger ringgit,' said the head of institutional dealing.
Credit Suisse Research said it remains positive on the outlook for the Malaysian stock as it expects the upward trend to be underpinned by liquidity and several factors including robust economic growth and also a stronger ringgit.
It forecast Malaysia's 2010 and 2011 real GDP growth would remain robust at 7.5% and 5.2%, respectively.
'This should be a boost to domestic consumption (Genting, Axiata and AirAsia are Outperforms), the property sector (top buys are UEM Land and IJM Land) and Tenaga,' it said in a research note.
Among key regional markets, Japan's Nikkei 225 jumped 1.65% to 10,398.10, Hong Kong's Hang Seng Index climbed 0.99% to 23,669.48, Shanghai Composite Index 1.59% to 2,852.65 and Singapore's Straits Times Index 0.45% to 3,250.29.
Light crude oil added eight cents to US$91.63 while crude palm oil prices added RM26 to RM3,860, off its early high of RM3,879.
Reuters reported European shares rose in early trade on Tuesday, tracking gains on Wall Street, following upbeat economic data, and with London shares catching up with gains on mainland Europe in the previous session.
At Bursa Malaysia, PLANTATION []-property conglomerate Sime Darby rose 51 sen to RM9.46 with 30.24 million shares done while KL Kepong and Kulim added 28 sen each to RM22.66 and RM12.78, IOI Corp'' 22 sen to RM6.05 and Chintek 25 sen to RM8.80.
Among consumer stocks, BAT was the top gainer, up 60 sen to RM46.40 while Nestle added 42 sen to RM43.84.
Banks climbed, with Maybank rising 22 sen to RM8.77, Pubic Bank 14 sen to RM13.18 and CIMB three sen to RM8.65.
Penny stocks also attracted attention with Karambunai up four sen to 21 sen with 105.76 million shares done, Borneo Oil 7.5 sen to 42 sen and Talam 0.5 sen to 9.5 sen.
The KLCI advanced 18.47 points or 1.2% to 1,551.89, the highest ever for the 30-stock index. Turnover was 2.01 billion shares valued at RM2.88 billion. There were 637 gainers, 233 losers and 262 stocks unchanged.
'Foreign funds are buying up index-linked stocks, like banks while interest was also generated by talk of an early general elections and a stronger ringgit,' said the head of institutional dealing.
Credit Suisse Research said it remains positive on the outlook for the Malaysian stock as it expects the upward trend to be underpinned by liquidity and several factors including robust economic growth and also a stronger ringgit.
It forecast Malaysia's 2010 and 2011 real GDP growth would remain robust at 7.5% and 5.2%, respectively.
'This should be a boost to domestic consumption (Genting, Axiata and AirAsia are Outperforms), the property sector (top buys are UEM Land and IJM Land) and Tenaga,' it said in a research note.
Among key regional markets, Japan's Nikkei 225 jumped 1.65% to 10,398.10, Hong Kong's Hang Seng Index climbed 0.99% to 23,669.48, Shanghai Composite Index 1.59% to 2,852.65 and Singapore's Straits Times Index 0.45% to 3,250.29.
Light crude oil added eight cents to US$91.63 while crude palm oil prices added RM26 to RM3,860, off its early high of RM3,879.
Reuters reported European shares rose in early trade on Tuesday, tracking gains on Wall Street, following upbeat economic data, and with London shares catching up with gains on mainland Europe in the previous session.
At Bursa Malaysia, PLANTATION []-property conglomerate Sime Darby rose 51 sen to RM9.46 with 30.24 million shares done while KL Kepong and Kulim added 28 sen each to RM22.66 and RM12.78, IOI Corp'' 22 sen to RM6.05 and Chintek 25 sen to RM8.80.
Among consumer stocks, BAT was the top gainer, up 60 sen to RM46.40 while Nestle added 42 sen to RM43.84.
Banks climbed, with Maybank rising 22 sen to RM8.77, Pubic Bank 14 sen to RM13.18 and CIMB three sen to RM8.65.
Penny stocks also attracted attention with Karambunai up four sen to 21 sen with 105.76 million shares done, Borneo Oil 7.5 sen to 42 sen and Talam 0.5 sen to 9.5 sen.
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