CI breaks 650-resistance level

AFTER a long spell of listless movements, the KLSE Composite Index (CI) made an important 8.6-point breakout yesterday to close above the 650 psychological level, with sentiments buoyed by the government's RM8.1bil economic package announcement, as well as the positive comments on the US economy by Federal Reserve chairman Alan Greenspan. 

The CI closed at 650.9 points, posting a gain of 1.3% – its largest single-day gain in five months – on heavy blue chip buying from local funds, coupled with some interest from foreign buyers.