THE Kuala Lumpur Composite Index (KLCI) climbed 7.02 points to end at its highest level in almost seven weeks. The index opened 0.14% lower than its previous close and hit a high of 904.35 points before closing at 903.33.
“Local funds' window-dressing activities that supported the market since last Thursday intensified today (yesterday), as they (local funds) are preparing to close their books for the six months ending June,” a brokerage dealer said.
He added that while buying of select blue-chip stocks helped push up the KLCI, there was also light retail interest in Mesdaq stocks.
Genting Bhd led the top gainers list with an increase of 50 sen to RM19.50 while IOI Corp Bhd rose 30 sen to RM10.20 as the recent rise in crude palm oil prices was expected to improve its earnings, the dealer said.
Commerce Asset-Holding Bhd's (CAHB) share price jumped 14 sen, its highest gain since trading in the counter resumed on June 8 after the company announced its integration with CIMB Bhd. It was the second most active counter with 17.8 million shares changing hands.
According to an analyst, the market remains very optimistic that the revamp with CIMB would revalue CAHB's share price upwards.
“Total trading volume at 611 million shares is very positive,” the dealer said, adding persistent window-dressing by local funds would likely lead to the market holding at its present level for the rest of this month.
Mesdaq-listed Symphony House Bhd was up 13 sen at 68 sen on a volume of 14.4 million shares. According to the dealer, speculative interest in this stock is based on the perception that it is trading near its low and has minimal downside risk.
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