KLCI touches 1,300By IZWAN IDRIS
PETALING JAYA: The KL Composite Index (KLCI) took a stab at the 1,300-point level for the first time in 13 years, as buying interest on the local bourse extended for the fifth straight day.
The benchmark index gained 19.44 points, or 1.5%, to 1,298.36 - its highest since Jan 5, 1994. The KLCI hit an intra-day high of 1,300.94 points yesterday.
Shares in Genting Bhd led the gainers, closing RM1.75 higher at a record RM44, ahead of its one-to-five share split ex date tomorrow.
Plantation counters IOI Corp Bhd and Kuala Lumpur Kepong Bhd were also traded to new highs after crude palm oil futures on Bursa Malaysia Derivatives climbed to a fresh eight-year peak.
A total of 763 stocks advanced against 208 decliners, while 228 counters were unchanged.
"The temptation to take profit is high,'' a fund manager said.
The KLCI has risen 17% over the past month and recovered fully from the six-day plunge that ended on March 5.
The index, which has gone up 18.4% since January, is currently the region's best-performing benchmark behind China and Vietnam's main stock market measures year-to-date.
But the KLCI's sustained rise in recent weeks failed to attract a larger segment of the market, particularly retail investors.
Total daily trades on the local bourse dwindled to a low of 1.4 billion shares last Friday, but yesterday's climb lifted the volume to 2.1 billion.
In comparison, market turnover hit a record 4.78 billion shares on Feb 22. A day later, the KLCI hit its previous 13-year peak of 1,283 points.
According to a local brokerage, the local market is overdue for a "healthy" correction, pointing out that the KLCI's major technical indicators were currently "overbought".
"We still need more feel-good catalysts to reinforce the rally's buying interest,'' the brokerage said in its weekly market outlook report yesterday.
Elsewhere in the region, shares on Asian markets that were opened for trading yesterday saw higher closings, expect in Thailand.
The markets in Hong Kong, the Philippines, Australia and New Zealand were closed for holiday.

source
biz.thestar.com.my-------------------------------------------------------------------------------------------------------------------------------------------------
today's KLCI -
This post has been edited by pidah: Apr 10 2007, 03:07 PM