KUALA LUMPUR: Blue chips on Bursa Malaysia staged a late push on Thursday, pushing the FBM KLCI closer its all-time high of 1,597 in mid-July 2011 as banks advanced on steadier outlook for the economy following the release of fresh economic data.
The KLCI closed up 12.14 points or 0.78% to 1,565.32 while volume was still strong at 3.31 billion shares valued at RM2.98 billion. Gainers led losers 446 to 456 with 309 counters unchanged.
December’s industrial production index expanded 3.0% on-year underpinned by the stronger manufacturing sector and electricity output, which was higher than expectations.
Meanwhile, Credit Suisse's Emerging Markets Economic Research expected Malaysia's real GDP growth to continue outperforming other small open economies in the region.
"Malaysia’s real GDP growth has outperformed industrial production growth since the global financial crisis, as the services sector has been the main contributor to real GDP growth during this period. Our real GDP growth forecasts for 2011 and 2012 remain unchanged at 5% and 4.8%, respectively, above the consensus forecast of 3.8% for 2012,” it said.
The growth would be underpinned by the strong domestic demand, high palm and crude oil prices, and the fiscal boost from the government, said the research house.
Despite starting the trading day on a weak note, the KLCI outperformed other regional bourses beating Shanghai's Composite Index closed up 0.09% to 2,349.59, South Korea's Kospi Index rose 0.54% to 2,014.62 and Taiwan's Taeix Index increased 0.52% to 7,910.78. Japan's Nikkei fell 0.15% to 9,002.24 and Singapore's Straits Index was down 0.16% to 2,977.31.
At Bursa Malaysia, among the lower liners and penny stocks which were the top performers were Selangor-linked stocks which were also involved in the water industry.
Dominating the top gainers’ list were KUMPULAN PERANGSANG SELANGOR [] and KUMPULAN HARTANAH SELANGOR BHD [] both up 27 sen to RM1.39 and 78 sen respectively. PUNCAK NIAGA HOLDINGS BHD [] was also up 44 sen to RM1.89, prompting an unusual market activity query by Bursa Malaysia. Water pipe manufacturer JAKS Resources climbed 14 sen to 72 sen.
Other index-linked stocks which closed higher include KLK up 56 sen to RM25.50, Carlsberg 29 sen to RM9.60, British American Tobacco 26 sen to RM50.26 and RHB Cap 20 sen to RM7.20.
Axiata gained 19 sen to RM4.97, pushing the index up 3.80 points, IOI Corp pushed the index up 1.97 points. Among the banks, RHB Cap added 20 sen to RM7.20, AMMB 14 sen to RM6.10, CIMB nine sen to RM7.20 and Maybank six sen to RM8.47.
Among actively traded stocks, Naim Indah rose 18 sen to close at 67 sen as a Bursa Malaysia Securities caution to investors saw it closing off the day’s best of 75 sen.
The worst performer was FarEast down 30 sen to RM7.00 followed by Maybulk 18 sen to RM2.01, Nestle 16 sen to RM55.52 and Aeon 15 sen to RM7.85.
The KLCI closed up 12.14 points or 0.78% to 1,565.32 while volume was still strong at 3.31 billion shares valued at RM2.98 billion. Gainers led losers 446 to 456 with 309 counters unchanged.
December’s industrial production index expanded 3.0% on-year underpinned by the stronger manufacturing sector and electricity output, which was higher than expectations.
Meanwhile, Credit Suisse's Emerging Markets Economic Research expected Malaysia's real GDP growth to continue outperforming other small open economies in the region.
"Malaysia’s real GDP growth has outperformed industrial production growth since the global financial crisis, as the services sector has been the main contributor to real GDP growth during this period. Our real GDP growth forecasts for 2011 and 2012 remain unchanged at 5% and 4.8%, respectively, above the consensus forecast of 3.8% for 2012,” it said.
The growth would be underpinned by the strong domestic demand, high palm and crude oil prices, and the fiscal boost from the government, said the research house.
Despite starting the trading day on a weak note, the KLCI outperformed other regional bourses beating Shanghai's Composite Index closed up 0.09% to 2,349.59, South Korea's Kospi Index rose 0.54% to 2,014.62 and Taiwan's Taeix Index increased 0.52% to 7,910.78. Japan's Nikkei fell 0.15% to 9,002.24 and Singapore's Straits Index was down 0.16% to 2,977.31.
At Bursa Malaysia, among the lower liners and penny stocks which were the top performers were Selangor-linked stocks which were also involved in the water industry.
Dominating the top gainers’ list were KUMPULAN PERANGSANG SELANGOR [] and KUMPULAN HARTANAH SELANGOR BHD [] both up 27 sen to RM1.39 and 78 sen respectively. PUNCAK NIAGA HOLDINGS BHD [] was also up 44 sen to RM1.89, prompting an unusual market activity query by Bursa Malaysia. Water pipe manufacturer JAKS Resources climbed 14 sen to 72 sen.
Other index-linked stocks which closed higher include KLK up 56 sen to RM25.50, Carlsberg 29 sen to RM9.60, British American Tobacco 26 sen to RM50.26 and RHB Cap 20 sen to RM7.20.
Axiata gained 19 sen to RM4.97, pushing the index up 3.80 points, IOI Corp pushed the index up 1.97 points. Among the banks, RHB Cap added 20 sen to RM7.20, AMMB 14 sen to RM6.10, CIMB nine sen to RM7.20 and Maybank six sen to RM8.47.
Among actively traded stocks, Naim Indah rose 18 sen to close at 67 sen as a Bursa Malaysia Securities caution to investors saw it closing off the day’s best of 75 sen.
The worst performer was FarEast down 30 sen to RM7.00 followed by Maybulk 18 sen to RM2.01, Nestle 16 sen to RM55.52 and Aeon 15 sen to RM7.85.
