KUALA LUMPUR: The FBM KLCI surpassed the 1,590-point level on Wednesday, July 6 to close at a fresh historic high, boosted by gains at banking and Petronas-linked stocks.
The index rose 0.60% or 9.49 points to 1,591.34.
Gainers led losers by 453 to 287, while 342 counters traded unchanged. Volume surged to 1.11 billion shares valued at RM2.15 billion from 728.65 million shares valued at RM1.46 billion on Tuesday.
Meanwhile, crude palm oil futures for the third month delivery fell to its lowest level since October 2010 when it shed RM23 per tonne to RM3,016.
Earlier today, CIMB Research in a report had maintained OVERWEIGHT on Malaysia and end-11 KLCI target of 1,700, which is based on the mid-cycle P/E of 14.5 times.
'Newsflow on the transformation programmes and the general election which we think will be held by end-2011 or early-2012 could drive a further re-rating of the market,' it said.
Among the gainers, Petronas Dagangan extended its gains and surged 84 sen to RM17.16 after it had on July 4 proposed a special gross dividend of 25 sen and final gross dividend of 35 sen per share for the financial year ended March 31, 2011.
Petronas Chemicals rose 10 sen to RM7.19, Petronas Gas six sen to RM13.46, MMHE 15 sen to RM8.67, MISC 13 sen to RM7.58, Genting 12 sen to RM11.26, United PLANTATION []s 86 sen to RM21.16, MSM 47 sen to RM5.61, Nestle 34 sen to RM47.50 and PPB 28 sen to RM17.80.
Banking stocks advanced ahead of Bank Negara Malaysia's monetary committee meeting on Thursday, with AFG up 21 sen to RM3.43, RHB Capital 14 sen to RM9.11, HLFG and Hong Leong Bank 10 sen each to RM13.40 and RM13.76, AMMB seven sen to RM6.62, CIMB and Public Bank two sen each to RM8.89 and RM12.30, while Maybank rose one sen to RM8.95.
Actives today included KBB, Compugates, Axiata, CIMB, AFG and Genting Malaysia.
Meanwhile, decliners included Lysaght, Warisan, Boustead, Ta Ann, Press Metal, Ibraco, UOA Development and Jaya Tiasa.
At the regional markets, Japan's Nikkei 225 jumped 1.10% to 10,082.48, Taiwan's Taiex rose 0.46% to 8,824.44, South Korea's added 0.44% to 2,171.19 while Hong Kong's Hang Seng fell 1.01% to 22,517.55, Singapore's Straits Times Index lost 0.48% to 3,114.71 and the Shanghai Composite Index shed 0.21% to 2,810.48.
The index rose 0.60% or 9.49 points to 1,591.34.
Gainers led losers by 453 to 287, while 342 counters traded unchanged. Volume surged to 1.11 billion shares valued at RM2.15 billion from 728.65 million shares valued at RM1.46 billion on Tuesday.
Meanwhile, crude palm oil futures for the third month delivery fell to its lowest level since October 2010 when it shed RM23 per tonne to RM3,016.
Earlier today, CIMB Research in a report had maintained OVERWEIGHT on Malaysia and end-11 KLCI target of 1,700, which is based on the mid-cycle P/E of 14.5 times.
'Newsflow on the transformation programmes and the general election which we think will be held by end-2011 or early-2012 could drive a further re-rating of the market,' it said.
Among the gainers, Petronas Dagangan extended its gains and surged 84 sen to RM17.16 after it had on July 4 proposed a special gross dividend of 25 sen and final gross dividend of 35 sen per share for the financial year ended March 31, 2011.
Petronas Chemicals rose 10 sen to RM7.19, Petronas Gas six sen to RM13.46, MMHE 15 sen to RM8.67, MISC 13 sen to RM7.58, Genting 12 sen to RM11.26, United PLANTATION []s 86 sen to RM21.16, MSM 47 sen to RM5.61, Nestle 34 sen to RM47.50 and PPB 28 sen to RM17.80.
Banking stocks advanced ahead of Bank Negara Malaysia's monetary committee meeting on Thursday, with AFG up 21 sen to RM3.43, RHB Capital 14 sen to RM9.11, HLFG and Hong Leong Bank 10 sen each to RM13.40 and RM13.76, AMMB seven sen to RM6.62, CIMB and Public Bank two sen each to RM8.89 and RM12.30, while Maybank rose one sen to RM8.95.
Actives today included KBB, Compugates, Axiata, CIMB, AFG and Genting Malaysia.
Meanwhile, decliners included Lysaght, Warisan, Boustead, Ta Ann, Press Metal, Ibraco, UOA Development and Jaya Tiasa.
At the regional markets, Japan's Nikkei 225 jumped 1.10% to 10,082.48, Taiwan's Taiex rose 0.46% to 8,824.44, South Korea's added 0.44% to 2,171.19 while Hong Kong's Hang Seng fell 1.01% to 22,517.55, Singapore's Straits Times Index lost 0.48% to 3,114.71 and the Shanghai Composite Index shed 0.21% to 2,810.48.
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