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Categories
| FBM KLCI inches higher, again |
| Business & Market 2009 | |||
| Written by InsiderAsia | |||
| Friday, 18 September 2009 18:13 | |||
 Asian stocks edged modestly lower on Friday. Positively, profit taking is well absorbed although investors are treading cautiously. The pace of the global economic recovery remains the key concern. For the moment though, investor confidence appears to be staying firm.Overnight losses on Wall Street – US stocks closed just marginally lower, recording only the second decline in 10 trading days – set the tone for Friday’s trading. The Nikkei index closed 0.7% lower while Hong Kong and Singapore markets too ended in the red. The Chinese stock markets, which have exhibited increased volatility in recent days, saw the sharpest sell off with the main bellwether index, the Shanghai Composite slumping 3.2%. Sentiment on the Bursa Malaysia too started off on a negative footing. However, buying support emerged as the day progressed. The FBM KLCI recouped its early losses to close two points higher at 1,221.2 points. This was the benchmark index’s fourth consecutive day of gains and the third straight day of fresh record high for the year. The FBM KLCI gained almost 13 points for the week and is now up 39.3% for the year to date. Similarly, market breadth was in the red in the morning trading session but improved after the midday break. At the close, there were roughly seven gaining stocks for every four losing ones. Some of the notable gainers for the day were IJM, CN Asia Corp, Bursa Malaysia, Proton and Puncak Niaga. Shares for the local stock exchange operator gained 2.2% to RM8 after it announced details for a strategic partnership with CME Group, the world’s largest and most diverse derivatives marketplace. The tie-up is expected to boost trading volume for products traded on the Bursa Derivatives over the longer-term. Trading volume totaled roughly 739 million shares. Some of the most actively traded counters include KNM, L&G, Air Asia, SAAG and MK Land. The Bursa Malaysia will be closed Monday and Tuesday. Trading will resume on Wednesday. We wish all our readers Selamat Hari Raya.
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