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CI HITS NEW TWO-YEAR HIGH

Saturday, 31 July 2010 10:32

The FBM KLCI closed higher for the sixth straight day today, helped by last minute buying in selected heavyweights and rotational plays on lower liners, dealers said.

At 5pm, the FBM KLCI rose 2.51 points or 0.19 per cent to close at a new two-year high of 1,360.92.

The benchmark index opened 0.90 of a point lower at 1,357.51 in the morning and traded within 1,354.76 and 1,360.92 .

A dealer said the local market started the day in a negative note as players took cue from the overnight slip on Wall Street. However, continued buying in selected blue chips such as Sime Darby in the afternoon session helped the key index to finish the day in positive territory.

OSK Research said the FBM KLCI this week had continued to inch higher after surpassing the psychological level of 1,350, something it failed to do in the previous 2009-2010 rally.

Although the index experienced great indecisiveness two days ago, the market is now trading at another new peak for the 2009-2010 rally, it said.

"The immediate technical outlook of the FBM KLCI remains bullish," it added.

At close, the Finance Index shed 2.96 points to 12,331.62, the Plantation Index declined 11.26 points to 6,399.38 but the Industrial Index gained 17.84 points to 2,667.67. The FBM Emas Index rose 11.12 points to 9,212.77 but the FBM70 Index declined 18.97 points to 9,184.01 and the FBM Ace Index slipped 8.96 points to 3,794.77. Losers led gainers 378 to 348 while 274 counters were unchanged, 364 untraded and 25 others suspended. Volume declined to 918.318 million shares valued at RM1.422 billion from 999.630 million shares valued at RM1.481 billion yesterday.

BERNAMA

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