Thursday, January 6, 2011

FBMKLCI: Another day, another record

Fantastic ! Another day, another record for BursaMalaysia or FBMKLCI.

The index is going up higher and higher, will we able to see 1600 by next week? or 1700 by next month?


Read the article written by Bernama.

The FTSE Bursa Malaysia KLCI (FBM KLCI) managed to finish higher at the eleventh hour, holding up its winning streak for the fourth consecutive day as losses prompted by profit taking was well absorbed.

At 5pm, FBM KLCI ended 2.2 points higher at 1,568.37 compared with Wednesday''s close of 1,566.17.

The FBM KLCI, which opened 4.36 points higher at 1,570.53, touched an intra-day high and low of 1,576.95 and 1,562.75, respectively.

More foreign money is expected to enter the country with foreign investors continuing to look at the positive fundamentals offered here, Bursa Malaysia Chief Executive Officer Datuk Yusli Mohamed Yusoff said today.

MIDF Research had said prospects for the local bourse would be good this year with foreign liquidity continuing to be drawn to Malaysia.

Foreign funds tracking FTSE indices, estimated to be more than US$3 trillion, is expected to flow into the country's equity market, it said.

OSK Research, its note earlier today, said despite the 47.3 points gain over the past three days, the daily Relative Strength Index (RSI) only closed at the 75.6 points-level yesterday.

"As the FBM KLCI normally gets overbought beyond the 80 points-level, this means the door is still open for additional gains.

"As such, the near-term technical outlook of the FBM KLCI is firmly bullish as it is now trading at its historic high and will continue to trend higher," it said.

The Finance Index added 21.57 points to 14,425.19, the Industrial Index inched up 0.87 of a point to 2,927.43 and the Plantation Index advanced 27.75 points to 8,301.71.

The FBM Emas Index climbed 47.9 points to 10,755.98, the FBM Ace Index widened 4.35 points to 4,427.14 and the FBM70 Index increased 152.07 points to 11,431.74.

Gainers led losers 507 to 295 while 284 counters were unchanged, 239 untraded and 34 others were suspended.

Volume amounted to 2.204 billion shared worth RM3.141 billion, down from 2.346 billion shares, valued at RM3.69 billion registered yesterday. -- Bernama

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