KL SHARES END HIGHER AHEAD OF MONETARY POLICY MEETING

12 Jul 2013 11:19

KUALA LUMPUR, July 11 (Bernama) -- Share prices on Bursa Malaysia ended higher on sustained buying in selected heavyweights ahead of Bank Negara Malaysia's Monetary Policy Committee meeting later today, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.44 points to 1,781.15, after opening 7.84 points better at 1,776.55.

The benchmark index hovered between 1,776.55 and 1,781.86 throughout the day.

Market breadth was positive, with 460 gainers and 313 losers, while 302 counters were unchanged, 502 untraded and 16 others suspended.

Turnover decreased to 1.21 billion shares worth RM1.90 billion from 1.22 billion shares valued at RM1.70 billion yesterday.

"Bank Negara is expected to stand pat when its committee meets later this evening," HwangDBS Vickers Research said.

The local market also moved in line with regional markets after US Federal Reserve chairman Ben Bernanke promised to continue to stimulate the US economy.

"Bernanke's remarks reduced investors' concerns that they will reduce the bond-buying programme any time soon and ignite buying interest," a dealer said.

On the scoreboard, the Plantation Index rose 45.17 points to 8,430.71 and the Industrial Index increased 16.75 points to 3,004.72. The Finance Index gained 69.68 points to 16,966.37 and the FBM Emas Index improved 66.189 points to 12,391.09. The FBM 70 Index increased 18.3 points to 14,195.75 while the FBM ACE Index rose 27.15 points to 4,763.88. Among actives, Flonic rose half a sen to 9.5 sen, AirAsia X rose two sen to RM1.27 and Tenaga Nasional added 25 sen to RM8.74.

As for the heavyweights, Maybank rose two sen to RM10.44, CIMB earned five sen to RM8.28 and Axiata gained 14 sen to RM6.80.

Top gainers, BAT increased RM1.08 to RM59.90, Tasek-PA gained 80 sen to RM16.50 and Nestle moved up 66 sen to RM68.98. -- MORE

MI