A slew of research houses, the latest being HwangDBS Vickers and UOB Kay Hian, have forecast that the FBM Kuala Lumpur Composite Index will move past 1,700 points this year.
THE local stock market's trading volume was the best in about 20 months yesterday as interest in banking and oil and gas stocks spurred the benchmark index to a record high for the third straight day.
Analysts and dealers were not surprised by the strong interest, with many expecting the rally to last at least through the first quarter.
The index has gained 3.1 per cent in the three days so far this year, making it Asia's best performer.
A slew of research houses, the latest being HwangDBS Vickers and UOB Kay Hian, have forecast that the FBM Kuala Lumpur Composite Index will move past 1,700 points this year.
HwangDBS had a year-end target of 1,730, while UOB Kay Hian Research said the index may "stampede" past 1,781 by the first half of the year on foreign fund buying and expectations of a general election.
The index gained 14.28 points or 0.9 per cent to close at 1,566.17, off an intraday high of 1,571.85. It was the top performer in the region as other markets closed mix.
Some 2.3 billion shares changed hands, a 17 per cent rise from the previous day and breaching the two billion mark for the second straight day.
"A lot of foreign funds are coming in, in anticipation of a recovery of the economy," a dealer said, adding that these would zero in on blue chips like lenders Maybank and CIMB Group Holdings Bhd.
CIMB added 4 per cent to RM9 and Maybank put on 2.7 per cent to RM9.01.
HwangDBS, in a report on regional banks yesterday, had Maybank as one of its top picks, with a target price of RM10.80. - By Adeline Paul Raj, btimes.com.my.
Analysts and dealers were not surprised by the strong interest, with many expecting the rally to last at least through the first quarter.
The index has gained 3.1 per cent in the three days so far this year, making it Asia's best performer.
A slew of research houses, the latest being HwangDBS Vickers and UOB Kay Hian, have forecast that the FBM Kuala Lumpur Composite Index will move past 1,700 points this year.
The index gained 14.28 points or 0.9 per cent to close at 1,566.17, off an intraday high of 1,571.85. It was the top performer in the region as other markets closed mix.
Some 2.3 billion shares changed hands, a 17 per cent rise from the previous day and breaching the two billion mark for the second straight day.
"A lot of foreign funds are coming in, in anticipation of a recovery of the economy," a dealer said, adding that these would zero in on blue chips like lenders Maybank and CIMB Group Holdings Bhd.
CIMB added 4 per cent to RM9 and Maybank put on 2.7 per cent to RM9.01.
HwangDBS, in a report on regional banks yesterday, had Maybank as one of its top picks, with a target price of RM10.80. - By Adeline Paul Raj, btimes.com.my.
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