Composite Index Touches 1,200 Level For 10-year High
The benchmark Composite Index (CI) Friday reached a 10-year high, touching 1,200.24 points at 9.02 am, supported by strong gains on bluechips, an analyst said.He said the strong gains were seen on finance and construction stocks, which is expected to extend the positive support on the local bourse next week.
At 10.16 am, the CI gained 14.89 points to 1,204.24 after opening at 6.56 points higher to 1,195.91. It had touched 1,207.31 at 9.44 am. At 11.17 am, the CI declined slightly 1204.34.
He said the CI was expected to be traded between the 1,200 and 1,215 level during the afternoon session. "Strong buying interest from local and foreign institutions helped the CI to stay in the positive territory," he said.
Another analyst said that it has been a tradition for the market to rally into Chinese New Year.
Among other factors supporting the local market was the decision by the U.S. Federal Reserve to maintain interest rates. "This has provided a catalyst to the market and led to increased buying," he added. (Bernama)
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Related report: Singapore Share Prices Rocket To New Record Peaks.
Labels: Business, Money Matters
posted by The Malaysian. at 2/02/2007 01:22:00 PM
3 Comments:
The bubble gum theory in the making...
What you see is not what you get. The Composite Index distorts the true picture of the Malaysian stock market's performance. In terms of nominal market capitalization, the Malaysian stock market is nowhere near its its pre-1997 Asian financial crisis levels. Factor in inflation and picture looks considerably worse.
Aiyah, foreign(esp S'pore)currency traders are speculating on the Malaysian ringgit lah. Where to park the money while in Malaysia and make some money while waiting for the ringgit to appreciate? Of course, the blue chips
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