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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Nation

Klang police seeking witness to attend murder trial
US FAA restores Malaysia's air safety rating to Cat 1
Struggling businesses urge govt to continue with loan moratoriums
Temporary flood relief centre in Kluang closes, two remain open
Singer Yasin files representation to review drug charges
RM1mil deposited into Shahrir's joint account with wife, bank manager tells court
Sabah, Sarawak MPs support formation of Borneo political caucus
Dr Wee attends reception to seek support for seat into ICAO Council
Average monthly salaries, wages of workers up 3.5% in 2021
Lower frequency of domestic flights keeping prices high, says Deputy Transport Minister

Others Also Read