Malaysia's benchmark stock index reached a new peak for the year yesterday, spurred by bargain-hunting activities.
Dealers said that the local market along with most other markets in the region was boosted by renewed optimism over the health of the global economy after most European banks passed stress tests and the US saw better-than-expected corporate results.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) gained 6.14 points to close at 1,351.82, off an intra-day high of 1,352.94.
There were 336 counters that advanced, 355 that declined and 274 that remained unchanged.
Turnover was strong, with 850.7 million shares valued at RM1.1 billion changing hands.
Analysts are not sure as yet if the index, which has risen for two straight trading days, will be able to sustain its high.
"We prefer to stay cautious on the medium-term outlook until we see a confirmation breakout pattern at above 1,350.
"The next effective resistance is seen at 1,390," RHB Research said in a note to clients early yester-day.
Penny stocks, which included Tiger-OR, Time dotCom and Time Engineering, were the day's most actively traded counters.
Banking group CIMB Group Holdings was the day's biggest gainer by percentage, moving up 3.3 per cent to RM7.50; followed by highway operator PLUS Expressways, which gained 1.4 per cent to RM3.70.
All markets in the region closed higher except for those in Singapore, Indonesia, the Philippines and India.
The biggest gainer in the region was China's Shenzhen stock exchange, which went up 1.1 per cent to 1,050.69.
Business Times
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