KLCI Update after CNY

Weekly Chart 3 Years

Today's Chart

Supported by buying of selected index stocks, the FBM KLCI rose to a one-week intraday high of 1,536.3 points on Wednesday before closing at 1,531.8 points to register a gain of 0.7% for the week.

Regional markets generally closed firmer on continued expectations that U.S. economic activities are gaining strength.

Looking ahead, the local market is anticipated to move in tandem with overseas markets as investors continue to monitor the outlook for global economic activities.

Bursa Malaysia is set to re-test the psychological 1,550-point mark next week with investors making a slow return to the market after the long Lunar New Year holiday.

"The forecast for Malaysian market is broadly positive and we expect investors to wade in to bargain after the holiday," Affin Investment Bank head of retail research Dr Nazri Khan said.

He said the market, which ended on a bullish note on Wednesday despite Bursa Malaysia shut half-day would continue its momentum, thanks to positive news from the United States (US) and China markets.

Trading on the equities market closed from 12.30pm on Wednesday for Chinese New Year celebrations and resumes on Monday, Feb 7.

The market was also closed on Tuesday for Federal = Territory Day.

"Volume was healthy, despite the half-day trading, following better-than-expected manufacturing data from the US and China.

"With the Dow Jones Industrial Average touching the psychological 12,000-point level on Monday, the Asian markets will follow suit, given another bullish sign that the US economy is recovering," Nazri said.

HwangDBS Vickers Research said news flow on the economic and corporate fronts would go slow too before picking up next week.

"On tap are the Industrial Production Index for December last year and sector update for January statistics, both to be released on next Thursday, and earnings scorecards from the likes of Maybank (next Friday)," it said in its Malaysia Equity Research.

On Wednesday, the FTSE Bursa Malaysia KLCI rose to 1,531.82 compared to last week's closing of 1,521.89.

The local bourse started this week on a weaker note before going upward following several positive news locally and abroad.

On Wednesday, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia's total trade in 2010 surpassed the RM1 trillion mark to register RM1.169 trillion, attributed to an impressive growth last year.

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