The local stock market traded relatively flat on Friday, July 24, although the headline index managed to eke out marginal gains. Mild profit-taking activities started to set in after a long running winning streak.
For this week, the FBM KLCI has chalked up a sizable gain of 35 points or 3.1%, adding to the previous week’s 53-point gain.
On Friday, the FBM KLCI rose 3.7 points to 1,155.9. The index initially opened nearly 8 points higher, taking its lead from another overnight rally on Wall Street. However, the momentum could not be sustained as profit-taking activities started to set in, and the index traded flat to lower for much of the day until the closing minutes.
Market breadth was positive with advancing stocks beating declining ones by a three-to-two ratio at the close. A total of 1.04 billion shares changed hands.
Actively traded stocks include KNM, Talam, UEM Land, SAAG, Lion Corp, TA, Mulpha and IOI Corp. Major gainers include Daibochi, Nestle, BAT, MPI, PPB and Multi-Purpose. Losers include Litrak, Parkson, IOI Corp, Public Bank-foreign and DiGi.
Global stock markets have enjoyed a strong rally in the last two weeks, buoyed by robust gains on Wall Street. US stocks surged again on Thursday, with the Dow Jones Industrials Average index rising 188 points and closing above the 9,000-level – its highest level since Nov 2008.
Investors there continued to take leads from a strong of better than expected corporate profits and some positive economic data, the latest being a rebound in home sales. US existing home sales rose for the third consecutive month in June. However, the latest weekly jobless claims rose by a slightly more than expected pace of 30,000 to 554,000, and comes after two weeks of drops.
For this week, the FBM KLCI has chalked up a sizable gain of 35 points or 3.1%, adding to the previous week’s 53-point gain.
On Friday, the FBM KLCI rose 3.7 points to 1,155.9. The index initially opened nearly 8 points higher, taking its lead from another overnight rally on Wall Street. However, the momentum could not be sustained as profit-taking activities started to set in, and the index traded flat to lower for much of the day until the closing minutes.
Market breadth was positive with advancing stocks beating declining ones by a three-to-two ratio at the close. A total of 1.04 billion shares changed hands.
Actively traded stocks include KNM, Talam, UEM Land, SAAG, Lion Corp, TA, Mulpha and IOI Corp. Major gainers include Daibochi, Nestle, BAT, MPI, PPB and Multi-Purpose. Losers include Litrak, Parkson, IOI Corp, Public Bank-foreign and DiGi.
Global stock markets have enjoyed a strong rally in the last two weeks, buoyed by robust gains on Wall Street. US stocks surged again on Thursday, with the Dow Jones Industrials Average index rising 188 points and closing above the 9,000-level – its highest level since Nov 2008.
Investors there continued to take leads from a strong of better than expected corporate profits and some positive economic data, the latest being a rebound in home sales. US existing home sales rose for the third consecutive month in June. However, the latest weekly jobless claims rose by a slightly more than expected pace of 30,000 to 554,000, and comes after two weeks of drops.