Thursday, October 11, 2007

Extend Gain

KLCI ends +0.5% at 1383.61, off intraday low of 1371.26 in heavy volume of 1.52 billion shares as local funds buy up heavyweights and government-led companies in last hour of trade. Market breadth positive gainers beating decliners 442 to 384 after a choppy trading session on intermittent profit-taking. Benchmark likely to extend gains tomorrow, test all time high of 1392.18 ahead of the long weekend. Profit taking by retail investors kept the market in negative territory for most of the day but this was mitigated by buying interest in heavyweights and government-led companies by local funds. Foreign funds were also actively buying some blue chips as the ringgit strengthened to a fresh nine year high of 3.3650 against the dollar.


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