The FBM KLCI index gained 7.60 points or 0.51% on Thursday. The Finance Index increased 0.53% to 13575.06 points, the Properties Index up 0.63% to 1040.56 points and the Plantation Index rose 1.06% to 7593.27 points. The market traded within a range of 15.36 points between an intra-day high of 1512.82 and a low of 1497.46 during the session. Actively traded stocks include TANCO, HWGB, OLYMPIA, DBE-OR, HWGB-WB, CIMB, KBUNAI, SAAG, DUTALND-WA and DRBHCOM. Trading volume decreased to 1065.52 mil shares worth RM1523.78 mil as compared to Wednesday's 1363.49 mil shares worth RM1721.93 mil.
Leading Movers were MAYBANK (+8 sen to RM8.76), MISC (+16 sen to RM7.76), SIME (+5 sen to RM9.08), PBBANK (+6 sen to RM13.10) and GAM (+8 sen to RM3.69). Lagging Movers were GENTING (-2 sen to RM10.02), PLUS (-2 sen to RM4.43), PETGAS (-4 sen to RM11.76), GENM (-1 sen to RM3.39) and BAT (-12 sen to RM48.74). Market breadth was positive with 503 gainers as compared to 252 losers.
Malaysian GDP Seen At 5.0% - 5.5% This YearThe Malaysian economy is expected to expand by between 5% and 5.5% this year, driven mainly by private consumption. Malaysian Rating Corp Bhd chief economist, Nor Zahidi Alias, said consumption would continue to lend support to the economy, helping to compensate for the lower private investments in the country, which were still in the process of picking up.“Efforts have been made to drive the country’s investment, which I think will bear fruit in the next few years.
“While waiting for that, I think it is helpful to have private consumption to add as the catalyst for the growth,” he told Bernama on the sidelines of the Inaugural ISIS Praxis Seminar 2011 here today.Meanwhile, ISIS Malaysia chief executive, Mahani Zainal Abidin, said the country’s economic growth was expected to be positive but at a lower rate this year.She said the realisation of the Economic Transformation Programme (ETP) projects was crucial in order to sustain the growth. “The momentum must be built. On average, RM65 billion is needed every six months until 2020 in order to achieve the ETP targets,” she said.Mahani said elections, capital inflow and government fundraising from the market would be among the factors affecting the country’s growth this year.“Elections will inject more funds into the economy while the government is now raising funds from the market through Malaysian Government Securities.“The market may also see a larger inflow of hot money in the domestic capital market,” she said.
Bulls Reclaim the Reins on Backpedaling Crude, Upbeat DataVenezuelan President Hugo Chavez offered to negotiate peace in Libya
"Full speed ahead" was the bulls' motto this morning, with stocks shooting higher right out of the gate. Fueling the rebound was black gold's retreat from multi-year highs, with oil backpedaling amid prospects for a Venezuelan-negotiated peace plan in Libya. Elsewhere, a round of relatively robust retail-sales reports left investors optimistic, as did a larger-than-anticipated jump in the Institute for Supply Management's non-manufacturing index last month. In addition, the Labor Department said weekly jobless claims unexpectedly dropped to their lowest level since May 2008, inspiring hope ahead of tomorrow's highly anticipated payrolls report. Against this backdrop, stocks extended their lead as the session progressed, with all three major market indexes now on track for weekly gains.
Not to be outdone, the S&P 500 Index (SPX – 1,330.97) added an impressive 22.5 points, or 1.7%, toppling the 1,330 level for the first time in nearly two weeks. Finally, the Nasdaq Composite (COMP – 2,798.74) fared the best of its peers, tacking on 50.7 points, or 1.8%, to power past its own 10-day and 20-day trendlines for the first time since Feb. 18. However, the tech-rich COMP's surge was stopped short by round-number resistance in the 2,800 region.
Dow Jones Industrial Average
The Dow closed sharply higher on Thursday extending the rebound off last week's low crossing at 11,983. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off last week's low, February's high crossing at 12,391 is the next upside target. Closes below last week's low crossing at 11,983 are needed to confirm that a short-term top has been posted. First resistance is February's high crossing at 12,391. Second resistance is the January 2008 high on the weekly continuation chart crossing at 12,767. First support is last Thursday's low crossing at 11,983. Second support is the reaction low crossing at 11,803.
HAPPY TRADING
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