Stock mart smashes 800 mark

  • Nation
  • Thursday, 23 Oct 2003

KUALA LUMPUR: The KLSE Composite Index (CI) convincingly broke the psychologically-important 800 level after impressive gains by blue chips such as Malayan Banking Bhd, Telekom Malaysia Bhd and Malaysia International Shipping Corp Bhd. 

The 100-company CI jumped 14.8 points to 805.11 at the close with the broader market indicator, Emas Index, adding 3.4 points to 199.63 and the Second Board Index edging up 1.61 to 135.58. 

A total of 800.4 million shares valued at RM1.7bil were traded with gainers overwhelming losers by 556 to 267 and 233 counters trading unchanged. 

The KLSE, which saw its best performance this year, had also bucked the regional market trend, with the exception of Thailand. 

Analysts said the recent consolidation had set the base for the market, thus prompting fund managers to accumulate blue chips, particularly oil and gas and construction counters.  

Investors had also rushed to the scene in view of the shorter trading week due to the Deepavali holiday tomorrow. 

“The market is coming out of its recent consolidation period with the previous day's market gains giving investors the confidence to come in strongly,” said Mayban Securities head of research Zulkifli Hamzah.  

Positive factors such as the Government's decision to issue more covered warrants on selected counters and to award contracts for the massive RM14.5bil double-tracking railway projects to a consortium led by Malaysia Mining Corp Bhd and Gamuda Bhd had also lifted market sentiment.  

The Star Market Watch

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