Sunday, October 28, 2007

KLCI Next Target 1,420

KLCI ended +1.5% at record high of 1398.35 in heavy volume of 1.91 billion shares, driven by gains across all sectors supported by buying interest from both foreign and local funds, say dealers. Gainers trounced decliners 663 to 222. Ringgit's rise to multiyear high (USD/MYR last at 3.3480) cited as catalyst for foreign funds. Benchmark likely to extend gains in follow through trade next week, possibly trade in 1390-1420 range next week as long as Wall Street manages to hold up and is not rattled by credit-risk issues. Pockets of positive corporate developments among heavyweights are also attracting fresh investment from both retail investors and funds alike.


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