CI surges strongly on high volume

  • Nation
  • Friday, 04 Jul 2003

KUALA LUMPUR: The KLSE Composite Index (CI) yesterday surged 2.65% or 18.67 points to 721.93 in the most actively traded day in nearly three and a half years. 

Heavy buying of blue chip stocks by institutional funds, a sign some analysts take as entry of foreign funds into the KLSE, propelled the volume of shares traded to 1.07 billion. The value of shares traded nearly doubled from Wednesday to just shy of RM2bil. 

“This is pretty much a blue chip rally and foreigners are definitely involved,” said K&N Kenanga head of research Seow Choong Liang. 

Buying was so heavy that RM800mil worth of stocks, normally a whole day’s worth of trading in a decent market, changed hands within the first one and a half hours. 

Blue-chip banking stocks such as Malayan Banking Bhd rose 30 sen to RM8.80, Commerce-Asset Holding Bhd jumped 36 sen to RM4 and AMMB Holdings Bhd gained 34 sen to RM4.26. They all rose on heavy volume. 

The CI has added 39.21 points or 5.7% over the past five trading days. 

Penny stocks and second-board counters, which were actively traded prior to yesterday’s big move by blue-chip stocks, experienced a more sober day. 

The second board, which had been receiving a lot of interest over the past few days, rose just 0.9 points or 0.8% to 115.46. 

The CI’s performance was among the best in the region as only Manila’s Philippines Composite Index had a better day, rising 3.1% to 1,266. Bangkok’s SET Index rose 2.53% to 489. 

Elsewhere in the region, Tokyo’s Nikkei 225 added 0.3% to 9,624, Hong Kong’s Hang Seng rose 0.5% to 9,646 and Singapore’s STI Index climbed 0.4% to 1,482. See Starbiz for full report.

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