KLCI higher led by bluechips 20 May 2009 5.15pm

The local stock market started on a tentative note on May 20 following the weaker close on Wall Street and cautious key regional markets. However, fund buying on big capitalised stocks and plantation stocks helped push the KL Composite Index to the highest close since September.

The KLCI ended Wednesday higher led by gains in bluechips such as Maybank, Sime Darby and Tenaga Nasional.

The local bourse was also boosted by today’s data released by the Statistics Department that the country’s annual inflation has slowed to 3% in April from 3.5% in March.

At 5pm, the KLCI surged 19.14 points to 1,042.63.
At Bursa Malaysia, 358 counters were up, 307 were down and 204 were traded unchanged. There were 1.87 billion shares traded with a total value of RM1.865 billion.

Among the heavyweights, Maybank added 25 sen to RM5.30, Axiata increased 14 sen to RM2.46, Tenaga jumped 25 sen to RM7.55 and BCHB slipped 5 sen to RM8.85.

Plantation stocks Sime Darby rose 25 sen to RM6.95, IOI Corp added 16 sen to RM4.64, KLK increased 70 sen to RM12 and United Plantations was up 30 sen to RM11.40.

Companies related to the Iskandar Malaysia development saw active trade, including Tebrau Teguh and MRCB. Water-related counters in Selangor saw active trade ahead of the meeting between the Selangor state government and federal government to work out the restructuring plan. Among the stocks were pipe-maker JAKS, KPS and Puncak Niaga.
But most of penny stocks on the very active list were in the red as traders locked in their gains.

Oil and gas counters KNM lost 1 sen to 80 sen, SAAG slipped 1.5 sen to 35 sen, Scomi was down 3 sen to 69 sen and Ramunia added 1 sen to 60 sen.
Crude palm oil 3-month futures rose RM2 to RM2,632 per tonne. Nymex crude oil added 50 cents to US$60.60 per barrel.

The ringgit was quoted at 3.5365 to the US dollar.

HAPPY TRADING !!!