MALAYSIAN shares rose 0.2 per cent today as buying momentum from local funds helped reverse early losses, dealers said. The Kuala Lumpur Composite Index (KLCI) rose 1.57 points to close at 922.23. Decliners outnumbered advancing stocks 292 to 258. Volume declined to 765.43 million shares worth RM1.08 billion compared to yesterday’s close of 845.96 million shares valued at RM1.02 billion.
The benchmark index was tipped to trade in a range of 913-930 tomorrow on expectations of sustained buying interest from local funds, dealers said. “Funds are continuing to accumulate oversold shares as they build their portfolios,” one dealer said. “Local government-led funds such as the Employees Provident Fund and ValueCap are among the main participants.”
Among the leading stocks, Bumiputra-Commerce was up 2.4 per cent at RM6.50, Maybank rose 2.8 to RM5.55 and Genting lost 3.0 per cent to RM3.84. Among the top gainers, British American Tobacco moved 75 sen to RM44.75, Loh & Loh rose 51 sen to RM5.35 and Nestle increased 50 sen to RM28.00.
Among the the heavyweights, Sime Darby declined five sen to RM5.65. Tenaga Nasional and Public Bank were unchanged at RM6.40 and RM8.80, respectively. MISC added 10 sen to RM8.75. - AFP, Bernama
Article from Business Times.com
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