KUALA LUMPUR: The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) climbed on Wednesday, led by plantation stocks on higher palm oil prices and optimism that the upcoming Budget 2011 to be tabled this Friday may contain additional incentives to lure new investment and boost the economy.
At 9.35am, the benchmark index advanced 5.77 points, or 0.4% to 1,492.34 points. Rising stocks led losers 273 to 88, while 163 counters were unchanged.
“Essentially, amid signs of resilience and with market momentum still on the upside, we reckon the FBM KLCI could be on its way to test the immediate resistance target of 1,495 ahead,’ HwangDBS Vickers said in its morning note.
Palm oil planter Kuala Lumpur-Kepong climbed 14 sen, or 0.8% to RM18.02 - the stock’s highest in more than two years. Rivals IOI Corp rose 9 sen, or 1.6%, while diversified group Sime Darby gained 7 sen, or 0.8% to RM8.83.
Crude palm oil (CPO) futures on Bursa Derivatives settled at RM2,900 a tonne yesterday, a pull back following 6% surged on Tuesday that lifted the benchmark contract to its highest in 26-month high on Tuesday.
Meanwhile, shares in Star Publications was up 24 sen, or 6.4% to RM3.96 after the newspaper publisher announced a special dividend payout of 52.6 sen yesterday.
Overseas, Japan’s Nikkei 225 index surged 1% to 9,486 points, while key indices in Korea, Singapore and Australia were up by 0.6% each.
On Wall Street. the Dow Jones Industrial was up 10 points, or 0.1% to 11,020 points, but the broader S&P 500 Index gained 0.4% to 1,169 points.
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