KUALA LUMPUR:'' The FBM KLCI ended its three-day losing streak on Monday, Feb 14 and closed higher, powered by gains including at Tenaga, Genting and banking stocks, in line with the advancing stocks at regional markets.
Analysts said the market has been supported by local investors, especially institutional funds, since last Friday.
The FBM KLCI closed 0.72% or 10.81 points higher at 1,505.33. Gainers led losers by 546 to 268, while 285 counters traded unchanged. Volume was 1.98 billion shares valued at RM1.87 billion.
Monday's strong performance was also in line with regional markets advanced as China's shrinking trade surplus underscored its robust domestic demand and talk of slower-than-expected inflation eased policy tightening concerns, according to Reuters.
China's trade surplus fell to its lowest in nine months in January after imports surged, highlighting China's massive appetite for raw materials. Solid export growth also hinted at solidifying recoveries in the US and European economies, it said.
Traders said China's consumer prices may have risen as little as 4.9% in the year to January, well below the consensus forecast of 5.3%, said Reuters.'' The official data will be announced on Tuesday, Feb 15.
The Shanghai Composite Index jumped 2.54% to 2,899.13, South Korea's Kospi rose 1.89% to 2,014.59, Hong Kong's Hang Seng Index added 1.28% to 23,121,06, Taiwan's Taiex and Singapore's gained 0.88% each to 8,685.47 and 3,104.42 respectively, while Japan's Nikkei 225 rose 1.13% to 10,725.54.
MIDF Research head Zulkifli Hamzah said the market has been supported by local investors, especially institutional funds, since last Friday.
He said foreigners were net sellers to the tune of RM556 million on Friday, while local retailers and institutions were net buyers.
'We expect the trend of foreigners selling to continue for a few days in line with regional trend, with locals mopping up the excess. An estimated RM16 billion of foreign funds bought Malaysian equity from January 2010 until last Friday. It is not unreasonable to expect some of it to be liquidated.
'The rebound may continue on Wednesday but we do not expect the intensity to be as strong as that seen today. Local fund managers are disciplined enough to not chase prices in a rebounding market,' he said.
Tenaga rose 19 sen to RM6.14, boosting the FBM KLCI by 2.43 points.'' Among banks, AMMB and RHB Capital rose 12 sen each to RM6.27 and RM8.01, CIMB 10 sen to RM8.20 and Public Bank six sen to RM13.10.
Genting and Maxis gained eight sen each to RM10.16 and RM5.44, DiGi 30 sen to RM25.90, Sime Darby four sen to RM9.28 and MMC Corp 10 sen to RM2.85.
Other gainers included Kulim, F&N. JT International, LPI Capital and SapuraCrest.
Decliners include Dutch Lady, Tradewinds PLANTATION []s, Cocoaland, Litrak, United Plantations and Ewein.
The active counters included Karambunai, Frontken, HWGB, Iris, Olympia and SAAG.
Analysts said the market has been supported by local investors, especially institutional funds, since last Friday.
The FBM KLCI closed 0.72% or 10.81 points higher at 1,505.33. Gainers led losers by 546 to 268, while 285 counters traded unchanged. Volume was 1.98 billion shares valued at RM1.87 billion.
Monday's strong performance was also in line with regional markets advanced as China's shrinking trade surplus underscored its robust domestic demand and talk of slower-than-expected inflation eased policy tightening concerns, according to Reuters.
China's trade surplus fell to its lowest in nine months in January after imports surged, highlighting China's massive appetite for raw materials. Solid export growth also hinted at solidifying recoveries in the US and European economies, it said.
Traders said China's consumer prices may have risen as little as 4.9% in the year to January, well below the consensus forecast of 5.3%, said Reuters.'' The official data will be announced on Tuesday, Feb 15.
The Shanghai Composite Index jumped 2.54% to 2,899.13, South Korea's Kospi rose 1.89% to 2,014.59, Hong Kong's Hang Seng Index added 1.28% to 23,121,06, Taiwan's Taiex and Singapore's gained 0.88% each to 8,685.47 and 3,104.42 respectively, while Japan's Nikkei 225 rose 1.13% to 10,725.54.
MIDF Research head Zulkifli Hamzah said the market has been supported by local investors, especially institutional funds, since last Friday.
He said foreigners were net sellers to the tune of RM556 million on Friday, while local retailers and institutions were net buyers.
'We expect the trend of foreigners selling to continue for a few days in line with regional trend, with locals mopping up the excess. An estimated RM16 billion of foreign funds bought Malaysian equity from January 2010 until last Friday. It is not unreasonable to expect some of it to be liquidated.
'The rebound may continue on Wednesday but we do not expect the intensity to be as strong as that seen today. Local fund managers are disciplined enough to not chase prices in a rebounding market,' he said.
Tenaga rose 19 sen to RM6.14, boosting the FBM KLCI by 2.43 points.'' Among banks, AMMB and RHB Capital rose 12 sen each to RM6.27 and RM8.01, CIMB 10 sen to RM8.20 and Public Bank six sen to RM13.10.
Genting and Maxis gained eight sen each to RM10.16 and RM5.44, DiGi 30 sen to RM25.90, Sime Darby four sen to RM9.28 and MMC Corp 10 sen to RM2.85.
Other gainers included Kulim, F&N. JT International, LPI Capital and SapuraCrest.
Decliners include Dutch Lady, Tradewinds PLANTATION []s, Cocoaland, Litrak, United Plantations and Ewein.
The active counters included Karambunai, Frontken, HWGB, Iris, Olympia and SAAG.
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