FBM KLCI hits new 52-week high

SHARES on the Kuala Lumpur stock exchange closed higher yesterday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) hitting a new 52-week high of 1,218. The last 14-month high was hit on September 8 at 1,202. Dealers said advances in US stocks and Asian bourses helped to push up the key benchmark index.

US stocks accelerated, for a third day on Wednesday, driven by positive economic data and confidence that the economy was returning to the growth
path . However, continued profit taking narrowed overall gains on Bursa with
investors eager to cash in on profits ahead of the Hari Raya holidays.

The FBM KLCI closed 5.82 points higher at 1,218.8 after opening 6.49 points higher at 1,219.47. The FBMEmas increased 40.62 points to 8,197.82, the FBM Top 100 increased 39.86 points to 7,991.63 and the FBM70 added 46.93 points to 8,092.5 but the FBM ACE index declined 21.54 points to 4,050.72. The Technology Index increased 0.01 of a point to 16.35, the Finance Index advanced 86.62 points to 9,962.02, the Plantation Index added 57.95 points to 5,980.36 and the Industrial Index was 0.99 of a point lower at 2,663.34. Advancers led decliners 371 to 217 while 251 counters were unchanged and 416 others untraded.

Among actives, the KNM Group rose three sen to 80.5 sen, Ingress Corporation gained 24.5 sen to 58.5 sen, SAAG Consolidated declined half a sen to 24.5 sen and TAS Offshore increased 2 sen to 84 sen. As for the heavyweights, Genting rose 12 sen to RM7.10, RHB Capital gained 10 sen to RM5.11, AMMB Holdings increased 5 sen to RM4.35 and CIMB Group Holdings added 8 sen to RM11.26.

Main market turnover increased to 773.928 million shares worth RM1.22 billion from 724.41 million shares worth RM1.326 billion yesterday.

The FBM KLCI Futures closed mixed yesterday as profit taking emerged to trim earlier gains, dealers said. Dealers said investors were eager to cash in on profits ahead of the Hari Raya holiday.

September 2009 declined two points to 1,216, October 2009 decreased three points to 1,215, December 2009 gained two points to 1,214.5 and March 2010 increased three points to 1,209.
Turnover declined to 4,286 lots from 4,768 lots on Wednesday while open
interests was higher at 16,685 contracts from 16,589 contracts previously.

CRUDE Palm Oil (FCPO) Futures prices on Bursa Malaysia Derivatives closed unchanged yesterday as most players squared off their position ahead of the long weekend holidays,dealers said.

They said the market was taking a break as players were reluctant to take a long position ahead of the holidays starting this Saturday until next Tuesday for the Hari Raya celebrations. The market will reopen on September 23.
“The market fundamentals remain bearish as palm oil production this month is likely to rise while exports are reducing. Thus, it also encourages players to reduce their holdings,” said one of the dealers.
At the close yesterday, the CPO futures for October 2009 and November 2009 were unchanged from Wednesday’s closing of RM2,210 and RM2,190 per tonne respectively. For December 2009 and January 2010, the two contract months went up by RM1 each to both close at RM2,182 per tonne.
Volume was lower at 12,959 lots compared to 24,932 lots on Wednesday but open interest rose to 88,367 contracts from 88,227 contracts previously. On the physical market, September South remained at Wednesday’'s closing of RM2,230 per tonne.