KLCI near all-time high, broader market mixed


KUALA LUMPUR: The FBM KLCI staged a strong start for September, with the FBM KLCI near the all-time intra day high of 1,655 at midday on Monday, underpinned by selected fund buying of Axiata, Telekom and CIMB.

At midday, the KLCI was up 8.5 points or 0.52% to 1,654.61 while the all-time intra-day high was 1,655.39 on Aug 22.

Turnover was 768.58 million shares valued at RM679.56mil. But the number of gainers to losers had equalised to 310 while 299 counters were unchanged.

Key regional market rose after Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed, while weak economic indicators across the region raised hopes for additional growth-bolstering steps in Asia as well, according to Reuters.

Japan's Nikkei 225 rose 0.23% to 8,860.26; Hong Kong's Hang Seng Index added 0.51% to 19,580.99; Shanghai's Composite Index gained 0.8% to 2,063.92; Taiwan's Taiex 0.78% higher to 7,455.08 and South Korea's Kospi advanced 0.57% to 1,916.01 while Singapore's Straits Times Index was just 0.05% higher at 3,026.89.

US light crude oil fell four cents to US$96.43 and Brent seven cents lower at US$114.50. Spot gold fell 65 cents to US$1,691.20.

The ringgit was trading at 3.1125 against the US dollar.

On the performance of the Malaysian stock market, Maybank Investment Research said in its technical strategy report that as Malaysia prepares for GE13 in the coming months, political uncertainty could cause investors to adopt an eventual risk-off approach.

"The FBM KLCI index is in overbought and bearish divergent weekly territory and the Elliott Wave count suggests a stalling uptrend near 1,655.39 (which is a great area to take profit). Also, most global indices are in lofty territory and there are still great chances of an autumn reversal," it said

Axiata rose 24 sen to RM6.23, pushing the KLCI up 4.73 points as Maybank Investment Research upgraded it to a Buy with a new target price of RM6.70 from RM5.30.

TM rose 10 sen to RM6.18 and added 0.83 of a point while DiGi added five sen to RM4.86.

CIMB added six sen to RM7.85 and nudged the KLCI up 1.04 points while Hong Leong Bank rose eight sen to RM13.52.

Crude palm oil for third-month futures rose RM36 to RM3,055 per tonne. United Plantations rose 38 sen to RM26.90 with just 100 shares done, KLK 16 sen to RM23.40 and IOI Corp four sen to RM5.18.

Datasonic, which made its trading debut on the Main Market, rose 22 sen to RM2.22 with 10.62 million shares done.

Nestle and Pharmaniaga added 48 sen to RM64.50 and RM8.18 while Top Glove rose 16 sen to RM5.45. BRDB-WA added 16 sen to RM1.71 and the shares 15 sen higher at RM2.83.

Petrol One was the top loser, down 18 sen to 33.5 sen while HB Global (formerly Sozo Global) lost 13.5 sen to 41.5 sen. Bonia gave up 12 sen to RM2.52.

JTI fell nine sen to RM6.82 and BAT eight sen to RM63.70 following the government's all-out anti-smoking campaign with the introduction of a new price control on cigarettes.

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