The FBM KLCI advanced by another 5.8 points to close at 1218.8 on further improved volume of 877m shares. Market breadth was positive, with gainers beating losers by nearly 2 to 1. Among the regional markets, Tokyo and Hong Kong both gained 1.7% each. Meanwhile, the US market was flat and Europe was just half a percent higher. The news headlines include IJM Corp winning a RM327m award for the construction of a highway in India, KNM Group buys a 50% stake in a company with an Euro220m oil storage contract, Unisem proposes a 10% private placement, SP Setia reported a RM42.7m quarterly profit, General Motors severs ties with DRB-Hicom, Malaysia’s August car sales rose 2.8% y-o-y. Without any major market moving factors, the local market is likely to take a breather ahead of the long Hari Raya weekend.
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