Share prices on Bursa Malaysia closed higher yesterday with the key FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) holding firmly above the 1,470 level, dealers said.
At 5pm, the key index rose 7.42 points to 1,479.61 on continuous follow-through buying in heavyweights like Genting, Tenaga Nasional and Axiata.
During the session, the index rose to a high of 1,483,25 before giving up some of its gains.
A dealer said the key index could not sustain itself at the 1,480 level due to profit-taking in lower liners, especially in the ACE market and in heavyweights like CIMB, Gamuda and MMC. The FBM ACE Index fell 9.84 points to 3,965.60.
Generally, the local bourse was tracking gains in Asia and on Wall Street.
Most Asian bourses advanced after the Bank of Japan's surprise interest cut yesterday.
"Expectations of another round of asset purchases by the US Federal Reserve to stimulate the economy further encouraged investors to take position in riskier assets like stocks," a dealer said.
Bursa Malaysia's Industrial Index increased 14.97 points to 2,834.87, the Finance Index advanced 33.59 points to 13,488.65 and the Plantation Index expanded 57.96 points to 6,905.87.
The FBM Emas Index perked 46.55 points to 9,928.48, while the FBM70 gained 36.76 points to 9,870.63.
Gainers thumped losers by 443 to 330 while 283 counters were unchanged, 301 untraded and 27 suspended.
The market breadth, however, was negative with 954.74 million shares worth RM1.66 billion transacted compared with Tuesday's 985.74 million shares worth RM1.51 billion.
Volume leaders Genting gained 16 sen to RM10.20, Tenaga Nasional went up 10 sen to RM8.94, Axiata climbed 5 sen to RM4.48 and MISC rose 9 sen to RM8.85.
Tenaga shares rose after Credit Suisse Group AG said the power producer would likely record a 22 per cent gain in earnings for the financial year ended August 31, bolstered by higher electricity sales.
Of the heavyweights, Maybank rose 4 sen to RM8.98, Sime Darby added 6 sen to RM8.56, while CIMB fell 4 sen to RM8.13.
Volume on the Main Market fell to 779.72 million shares valued at RM1.62 billion from the 795.17 million shares valued at RM1.46 billion previously. .
Consumer products accounted for 36.96 million shares traded on the Main Market, industrial products 124.1 million, construction 73.44 million, trade and services 260.63 million, technology 22.17 million, infrastructure 20.61 million, finance 51.21 million, hotels 9.02 million, properties 136.84 million, plantations 34.1 million, mining 331,000, REITs 10 million and closed/fund 318,200. - Bernama
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