The FBM KLCI is expected to gain momentum from MSCI Asia Pacific and most Asian markets which advanced by double-digit in the first quarter.
THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) is expected to breach the all-time high of 1,597 this week supported by local liquidity and strong first-quarter performance in the Asia Pacific markets.
The last time the index touched the 1,597 record level was on July 11 2011.
The FBM KLCI is expected to gain momentum from MSCI Asia Pacific and most Asian markets which advanced by double-digit in the first quarter.
The MSCI Asia Pacific index gained 11.5 per cent in the first quarter, the best quarter performance since 1991, despite US and China’s economic growth concerns.
Analysts said trading activity could also focus on ACE Market, small-cap and penny stocks.
Stocks to watch out include UMW Holding; which announced that it won a two-year contract worth US$105 million (RM322 million) to provide Naga 3 jack-up rig to Petronas Carigali Sdn Bhd, SEGi; as Navis Capital bought a 37.5 per cent stake in the education group, as well as Kencana Petroleum; which saw its net profit jump by 70.6 per cent to RM86.3 million.
Last week, share prices on Bursa Malaysia saw volatile trading amid concerns of soft economic data from the US and China.
The market ended on a strong note with the FBM KLCI advancing by 10.50 points to close at 1,596.33, reflecting the best quarter performance in Asian markets.
Heavyweights like CIMB and Maybank gained 9 sen and 7 sen, respectively, to close at RM7.69 and RM8.87. Petrol Chemicals rose 6 sen to RM6.74.
Source by: Business Times
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