Fund buying of banks, on expectations of an extended run-up in the market, and a strong performance from Genting helped underpin the FBM KLCI’s advance on Tuesday, Sept 14.
The 30-stock index closed 17.48 points or 1.2% higher at 1,474.44. Turnover was 1.04 billion shares valued at RM2.13 billion. Advancing counters beat decliners 504 to 274.
Over the past two days, the FBM KLCI is up 36.66 points while year-to-date, the benchmark index is up 15.84% and making it the fourth best performing Asian market so far this year after the Philippines, Jakarta and Thailand.
Maybank rose 25 sen to RM8.76, pushing the index up by 4.31 points while Public Bank advanced 32 sen to RM12.62, piling another 3.67 points to the index. CIMB climbed 13 sen to RM8.18, nudging the index up by 2.24 points. Public Bank foreign rose 20 sen to RM12.70.
The gains in the bank stocks reflected investors’ confidence of more upside for the Malaysian market, barring negative external factors.
Genting jumped 42 sen to RM9.99 and Genting Malaysia six sen to RM3.16. Genting Malaysia’s associate Genting New York cleared the last hurdle to operate New York City’s first slot-machine-style “racino.”
IOI Corp rose 11 sen to RM5.74, Tenaga and Telekom Malaysia four sen each to RM9.24 and RM3.43.
Light crude oil slipped 17 cents to US$77.02, crude palm oil futures fell RM35 to RM2,625 and the ringgit was traded at 3.1065 against the US dollar.
Written by Joseph Chin
The Edge Malaysia
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