Bursa shares close higher, FBM KLCI hits record high

July 04, 2012

KUALA LUMPUR, July 4 – Share prices on Bursa Malaysia closed higher today in tandem with the rally in regional bourses, driven by expectation that policymakers will implement monetary measures to boost the weakening global economy, dealers said.

The benchmark FBM KLCI climbed to an all-time intra-day high of 1,614.79 before settling at 1,613.75, up 6.01 points. The index opened the day 1.70 points higher at 1,609.44.

The FBM KLCI’s previous record high was at 1,611.50 last month.

The Finance Index surged 48.31 points to 14,406.35, Plantation Index perked 112.891 points to 8,656.40 and the Industrial Index gained 1.17 points to 2,851.21.

The FBM Emas jumped 40.609 points to 11,026.35, the FBM 70 Index gained 44.54 points to 12,069.59 while the FBM Ace Index slipped 13.79 points to 4,321.55

Gainers led losers by 408 to 353 while 331 counters were unchanged, 459 untraded and 19 others suspended.

Turnover decreased to 1.082 billion shares worth RM1.696 billion from 1.253 billion shares worth RM1.843 billion yesterday.

Vice President and Head of Retail Research, Affin Investment Bank, Dr Nazri Khan said there is a chance the FBM KLCI could sustain above the 1,610 level, to be driven by strong commodity markets and expectations of monetary stimulus by central banks.

The European Central Bank meeting is scheduled for tomorrow, whereby key decisions such as monetary measures and actions taken to address debt problems in the eurozone was expected to be deliberated.

Among the actives, Luster Industries slipped one sen to 10 sen, Luster Industries warrants slipped one sen to 6.5 sen, Tricubes lost seven sen to three sen and Felda Global Ventures added four sen to RM5.50.

For heavyweights, Maybank rose two sen to RM8.72, Sime Darby added three sen to RM9.93, CIMB was unchanged at RM7.70 while Petronas Chemicals surged 16 sen to RM6.62. – Bernama