KUALA LUMPUR: Shares of Genting and Sime Darby drove the FBM KLCI higher close on Thursday, Jan 13 on foreign fund buying, in line with the positive key regional markets while the ringgit surged to a 13-year high.
The FBM KLCI rose 5.07 points or 0.32% to 1,571.56. Turnover was 2.7 billion shares valued at RM3 billion. The broader market was firm with 528 gainers to 340 losers while 306 stocks were unchanged.
Among the key regional markets, the Nikkei 225 rose 0.73% to 10,589.76, Hang Seng Index added 0.47% to 24,238.98, Shanghai Composite Index 0.23% to 2,827.71 and Singapore's Straits Times Index 0.18% to 3,250.94.
The ringgit rose to 3.05345 to the US dollar, up 0.0105 from the previous day's close. A strong ringgit was expected to draw foreign funds into the equities market. Light crude oil slipped five cents to US$91.81 while crude palm oil futures added RM9 to RM3,622.
Malaysia's economic growth was still in place, though it would expand at a slower pace when compared to 2010, according to economists.
HSBC Asian economist Wellian Wiranto expects Malaysia's economy to grow at a slower pace of 5.1% in 2011 after seeing a strong projected recovery of 7.1% in 2010.
This slower growth is due to the 2010's lower base but exports and employment outlook for Malaysia would continue to be strong, he said.
At Bursa, GENTING BHD [] rose 14 sen to RM11.98, pushing the 30-stock FBM KLCI up 1.22 points while Genting Malaysia added six sen to RM3.65. Sime Darby rose five sen to RM9.35.
BAT was the top gainer, surging RM1.30 to RM48.48, adding 0.58 of a point to the index while JTI added 35 sen to RM6.60.
Mudajaya added 31 sen to RM5.20, Boustead 28 sen to RM5.91, Petronas Dagangan 24 sen to RM12.28 and Bursa 22 sen to RM8.97. AirAsia rallied 18 sen to RM3.04 while Tan Chiong advanced 17 sen to RM5.15.
Among property counters with exposure to Iskandar Malaysia, SP Setia added 24 sen to RM6.93 while Tebrau Teguh rose 12 sen to 94.5 sen.
However, Faber slumped 44 sen to Rm2.19, the lowest since May last year after its two contracts in Abu Dhabi were not renewed.
Masterskill extended its losses, down 19 sen to RM2.15 after the company reported that foreign fund FMR LLC sold 3.75 million shares on Jan 6-7 and reduced its stake to 29.74 million shares or 7.26%.
The FBM KLCI rose 5.07 points or 0.32% to 1,571.56. Turnover was 2.7 billion shares valued at RM3 billion. The broader market was firm with 528 gainers to 340 losers while 306 stocks were unchanged.
Among the key regional markets, the Nikkei 225 rose 0.73% to 10,589.76, Hang Seng Index added 0.47% to 24,238.98, Shanghai Composite Index 0.23% to 2,827.71 and Singapore's Straits Times Index 0.18% to 3,250.94.
The ringgit rose to 3.05345 to the US dollar, up 0.0105 from the previous day's close. A strong ringgit was expected to draw foreign funds into the equities market. Light crude oil slipped five cents to US$91.81 while crude palm oil futures added RM9 to RM3,622.
Malaysia's economic growth was still in place, though it would expand at a slower pace when compared to 2010, according to economists.
HSBC Asian economist Wellian Wiranto expects Malaysia's economy to grow at a slower pace of 5.1% in 2011 after seeing a strong projected recovery of 7.1% in 2010.
This slower growth is due to the 2010's lower base but exports and employment outlook for Malaysia would continue to be strong, he said.
At Bursa, GENTING BHD [] rose 14 sen to RM11.98, pushing the 30-stock FBM KLCI up 1.22 points while Genting Malaysia added six sen to RM3.65. Sime Darby rose five sen to RM9.35.
BAT was the top gainer, surging RM1.30 to RM48.48, adding 0.58 of a point to the index while JTI added 35 sen to RM6.60.
Mudajaya added 31 sen to RM5.20, Boustead 28 sen to RM5.91, Petronas Dagangan 24 sen to RM12.28 and Bursa 22 sen to RM8.97. AirAsia rallied 18 sen to RM3.04 while Tan Chiong advanced 17 sen to RM5.15.
Among property counters with exposure to Iskandar Malaysia, SP Setia added 24 sen to RM6.93 while Tebrau Teguh rose 12 sen to 94.5 sen.
However, Faber slumped 44 sen to Rm2.19, the lowest since May last year after its two contracts in Abu Dhabi were not renewed.
Masterskill extended its losses, down 19 sen to RM2.15 after the company reported that foreign fund FMR LLC sold 3.75 million shares on Jan 6-7 and reduced its stake to 29.74 million shares or 7.26%.
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