Shares close at two-year high fuelled by positive market sentiments

KUALA LUMPUR: Share prices on Bursa Malaysia closed higher Wednesday, with the FBM KLCI touching a two-year high, fuelled by positive market sentiments, boosting investor confidence, said dealers.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI closed 10.28 points higher at 1,328.22, the highest since March 2008, after opening 0.9 of a point higher at 1,318.84.

The index touched an intra-day high to 1,330.28. On Monday, the index reached 1,324.22, up 24.44 points.

A dealer said the benchmark index gains were prompted by plantation stocks like Sime Darby, KL Kepong, IOI Corp and Batu Kawan on expectations that the palm oil industry will remain stronger.

The Finance Index surged 64.37 points to 11,854.58, Industrial Index advanced 28.04 points to 2,663.88 and the Plantation Index soared 119.35 points to 6,520.24.

The FBM Emas Index jumped 60.71 points to 8,911.34, FBM70 added 30.80 points to 8,674.31 and the FBM Ace Index declined 15.05 points to 4,262.26.

Gainers led losers 451 to 292 while 270 counters were unchanged, 330 untraded and 28 others suspended.

Turnover stood at 934.478 million shares worth RM1.619 billion from Tuesday’s 797.812 million shares worth RM1.453 billion.

Turnover on the Main Market increased to 746.690 million shares valued at RM1.563 billion from 669.064 million shares worth RM1.421 billion Tuesday.

The ACE Market volume advanced 79.985 million shares worth RM11.721 million from 39.585 million shares valued at RM7.620 million on Tuesday.

Warrants, however, declined to 50.027 million units worth RM8.913 million from 69.986 million units valued at RM13.353 million Tuesday.

Consumer products accounted for 56.692 million shares traded on the Main Market, industrial products 179.415 million, construction 44.308 million, trade and services 226.303 million, technology 41.857 million, infrastructure 10.276 million, finance 60.216 million, hotels 7.632 million, properties 59.352 million, plantations 58.363 million, mining nil, REITs 2.191 million and closed/fund 85,800.