Interest in blue chips leads KLCI to 8-month high

PETALING JAYA: Market heavyweights, led by Malayan Banking Bhd (Maybank) and Axiata Group Bhd, shot up to lift the benchmark KL Composite Index (KLCI) to a new eight-month high yesterday on speculation that local corporate earnings will catch up with rising stock prices.

The KLCI jumped 19.14 points, or 1.9%, to 1,042.63 points. It was the index’s highest level since Sept 12 last year and one of those few rare days this year when the local bourse’s advance was sharper than its regional peers.