FBM KLCI expected to test 1,490-point mark

The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) is expected to test the 1,490-point mark next week on buying by Malaysian funds in heavyweights, dealers said.The Kuala Lumpur stock market will see a slow uptrend next week, supported by the continued inflows of private capital with investors putting more money in emerging markets, they said.CIMB Economic Research expects continued capital inflows as the investors would still favour emerging markets given their resilient growth performance and the prospects of higher currency gains."Liquidity continues to rise in the domestic market and there is no need for investors to take out money from the stock market at the moment," it said.The cumulative locked-in excess liquidity by Bank Negara Malaysia remained substantial at RM218.7 billion as at end of September versus RM214.9 billion as at the end of August."The key index, which touched a high of 1,481.45, could march towards 1,490 enroute to 1,500 on healthy rotational plays on core blue chips," said one of the dealers.Another dealer expects finance stocks to be among the top picks of investors next week as these have strong profit growth prospects arising from regional investment and expansion.He said while Budget 2011, which will be tabled on Oct 15, will attract the focus of investors, it has actually been overshadowed by the Economic Transformation Programme (ETP), which excited investors with mega-projects."Investors will be prefer to wait for details of projects under the ETP which will be announced on Oct 26," he said.During the week just ended, the benchmark index touched a record high of 1,481.45 due to continued interest in heavyweights like Axiata, Genting, DiGi and Tenaga Nasional.The index had hit a 30-month high of 1,475.99 on Sept 21, 2010.For the week just ended, the FBM KLCI closed at 1,481.41, up 15.09 points from 1,466.32 last Friday.The FMB Emas Index increased 109.66 points to 9,947.95, the FBM70 advanced 161.11 points to 9,923.35 and the FBM Ace Index rose 69.1 points to 4,020.18.The Finance Index jumped 149.36 points to 13,497.63, the Industrial Index gained 18.9 points to 2,831.17 and the Plantation Index added 108.03 points to 6,920.71.Weekly volume increased to 5.23 billion shares worth RM8.05 billion from 5.066 billion shares valued at RM7.61 billion transacted last week.The Main Market turnover rose to 4.22 billion units worth RM7.83 billion from 3.865 billion units valued at RM7.364 billion previously.However, the ACE market volume declined to 384.84 million shares worth RM87.97 million from 385.316 million shares worth RM62.279 million registered last week.Warrants turnover dropped to 592.1 million worth RM115.48 million from 768.630 million units valued at RM147.856 million transacted previously. -- Bernama
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New HP CEO fails to rouse investors, shares slide

SAN FRANCISCO: Hewlett-Packard Co's new CEO failed to impress Wall Street in his first conference call with investors,...
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Bursa shares close firmer

KUALA LUMPUR: Share prices on Bursa Malaysia closed firmer on Friday, Oct 1 with the key index supported by strong...
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Fed officials say stimulus needed if US stays weak

NEW YORK: In the clearest calls yet by Federal Reserve officials to pump more cash into the economy,...
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Wall St extends rally as resource stocks climb

NEW YORK: Wall Street extended the rally on Friday, Oct 1, led by gains in resource stocks after data...
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Tight supply seen boosting KL tin mart

The Kuala Lumpur Tin Market (KLTM) is expected to be firmer next week on the back of increasing demand and tight supply, an analyst said. They said demand outlook also helped to drive the metal's price higher as supply may lag behind usage due to heavy rains. "Further supply tightening in the region may also result from the low output in Indonesia which is experiencing intense rainfall," a dealer said. The dealer said Indonesian authorities have forecast tin shipments to decline 19 per cent this year, adding that exports would slump to 80,000 tonnes in 2010 from 99,287 tonnes in the last 12 months. Japanese and European buyers are likely to demand more of the commodity from the local market compared with local buyers.On a weekly basis, tin price on the KLTM gained US$800 to settle at US$24,300 per tonne on Friday while tin price on the LME jumped US$550 to US$24,250 per tonne.Turnover for the week amounted to 330 tonnes, up from last week's 298 tonnes, with European, Japanese and local traders participating actively throughout the week.The premium between the KLTM and the LME widened to US$435 per tonne this week from US$185 previously. -- Bernama
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US stocks end higher after choppy trade

NEW YORK: US stocks closed higher on Friday, ending two straight days of losses, after a day of choppy trade marked by mixed economic data.The blue-chip Dow Jones Industrial Average rose 41.63 points (0.39 per cent) to 10,829.68 in closing trade, while the broader SandP 500 index was up 5.04 points (0.44 per cent) to 1,146.24 points.The tech-rich Nasdaq composite index rose 2.13 points (0.09 per cent) to 2,370.75 points even as computer giant Hewlett-Packard saw its shares dip 3.14 per cent after naming Leo Apotheker, a veteran software boss, as its new CEO.Friday's trade also closed the first week of losses after four straight week of gains in the major indexes in the best September since 1939."The momentum of the best September in 71 years carried over to the new month on Wall Street today," said Wells Fargo analyst Scott Marcouiller.Trade fluctuated around the flatline throughout the day after a string of economic data offered an unclear picture on the strength of the world's largest economy.Consumer spending, a key indicator of US economic growth, rose 0.4 per cent from July, the second straight month of increase after stagnating in June, according to seasonally adjusted data from the Commerce Department.The increase was better than the 0.3 per cent rise forecast by analysts.But indicators released shortly after the opening bell showed the September US manufacturing remained sluggish, while construction spending rose, offering a mixed outlook on the economic recovery.Sentiment was earlier buoyed by Purchasing Managers Index (PMI) data from China's manufacturing sector that showed a 2.1 percentage-point rise in September from August.Looking at individual stocks, the world's largest airline, United Continental, began trading on Wall Street after Continental Airlines and United announced the close of the massive merger. Its shares were up 1.04 per cent. -- AFP
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