KL stock market hits 31-month high

Malaysian shares closed higher, with the benchmark index hitting a new 31-month high yesterday, lifted by gains in finance stocks, dealers said.
 
At 5pm, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) closed up 0.51 per cent, or 7.05 points, at 1,392.56, after opening 1.44 points higher at 1,386.95.

The market last tested the 1,390 level in January 2008.

A dealer said interest was seen in CIMB and Malayan Banking (Maybank) on anticipation of better corporate earnings.

Maybank, which gained 10 sen to RM8.07, is expected to release its fourth quarter results today, while CIMB Group, which increased 12 sen to RM7.62, is scheduled to announce its second quarter earnings on Monday.

The dealer said the key index was expected to reach the 1,400 level if the buying momentum in blue-chip counters continued.

At the close, the Finance Index surged 110.28 points to 12,595.66, the Plantation Index gained 12.86 points to 6,523.35 and the Industrial Index added 5.88 points to 2,685.01.

The FBM Emas Index rose 47.6 points to 9,398.01, the FBM70 Index climbed 54.16 points to 9,319.41, while the FBM ACE Index declined 11.32 points to 3,849.9.

Advancers led decliners by 406 to 322, while 293 counters were unchanged, 355 untraded and 39 suspended.

Total volume dwindled to 983.38 million shares worth RM1.7 billion, compared with Wednesday's 998.07 million shares worth RM1.62 billion.

Volume leaders TMC Life Sciences slipped 3 sen to 52 sen, while SIG Gases gained 3.5 sen to 92.5 sen. Carotech was unchanged at 9.5 sen.

TMC, 31 per cent owned by Tan Sri Vincent Tan, saw its shares actively traded yesterday after Singapore billionaire Peter Lim Eng Hock emerged with a 29.6 per cent stake in the fertility firm.

Kenanga Investment Bank Bhd said investors were disappointed that the acquirer was not an industry player as it would have added value to the customer base.

"However, investors who have followed Lim's investment trends have reaped profits given his astute ability to pick winners. This could also increase interest in TMC," it said.

Heavyweights Sime Darby added 3 sen to RM7.80, while Maxis eased 3 sen to RM5.40 and MISC gave up 2 sen to RM8.86. - Bernama