KL Shares Seen Continuing Climb

The market is showing signs that it will be pushed up for the year-end, a dealer with a foreign brokerage says.

MALAYSIAN stocks should continue their climb today, buoyed by strong regional markets and broad buying in plantations, financial services and power stocks, a dealer and an analyst said.

“The buying sentiment should continue today,” said OSK Securities research chief Kenny Yee.

“Yesterday’s regional performance and the strong US market gives some indication of how the local market will do today. We’re in uncharted territory now.”

The benchmark Kuala Lumpur Composite Index yesterday ended 0.9 per cent higher at a record high of 1,440.39 points, boosted by plantation stocks IOI Corp and Sime Darby and state power firm Tenaga Nasional.

The December futures contract put the index at 1,445 and the January contract put it at 1,442.

“The market is showing signs that it will be pushed up for the year-end,” a dealer with a foreign brokerage said. “We see continued buying momentum by foreign and local investors.”

He said fund managers were particularly interested in buying shares such as IOI, stock exchange operator Bursa Malaysia and plantations-to-energy group Sime Darby.

The Dow Jones industrial average gained 1.30 per cent to 13,619.89. - Reuters