Source: The Star Online
KUALA LUMPUR: Shares on Bursa Malaysia advanced on Thursday, although the benchmark index rise was checked by investors' lacked of appetite for pricey local blue chip stocks.
At the close, the FBM KLCI Index rose 5.65 points, or 0.5% at 1,186.19 points. The broader FBM Emas Index jumped 0.7% to 8,052 points, while the FBM SmallCap Index sizzled 2% to 10,355 points.
Total turnover was 1.1 billion shares worth RM1.68bil. Market breadth was positive, with 568 rising counters leading 166 decliners and 194 counters traded unchanged.
Shares in Mudajaya surged 67 sen, or 24% to close at a record RM3.45 after CIMB raised the stock’s target price ro RM6.65 from RM3.68 previously. The stock was the biggest gainer among the 319-counters strong FBM Emas Index.
Another stock that benefited from upgrades by analysts today was IJM Land. The counter jumped 19 sen, or 10% to RM1.98 after AmResearch’s lifted its fair value call on the stock from RM2.40 to RM3.
Investors were in a buoyant mood yesterday, pushing major indices in Hong Kong, Taiwan, Australia and Indonesia up by at least 2%. Thailand’s leading stock indicator rose 1.8%, while shares were 1.7% higher in Singapore.
Shares in India were up by at least 3% ahead of the closing bell.
In Europe, shares rose by about 1% after latest government data showed that the German and French economies expanded in the second quarter, which confirmed the two countries exit from their worst recessions since World War II.
Euro zone economies contracted 0.1% during the quarter, which was better than what most economisthad expected.
Crude oil climbed above US$71 per barrel.
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