FBM KLCI - likely to move range-bound with an upward bias
Stocks on Malaysia ended higher last Friday on technical rebound following bargain hunting and month end window dressing activity. The stable ringgit following the prime minister’s cabinet reshuffle, Standard & Poor’s reaffirmation on Malaysia’s rating, and a respite in oil price also helped lift the local bourse. The FBM KLCI gained 23.22 points, or 1.37%, to 1,723.14 after fluctuating between 1,701.31 and 1,723.14 throughout the day. On a weekly basis, the key index rose 2.38 points from 1,720.76 on previous Friday. Gainers outpaced losers by 467 to 365 with 315 counters unchanged. Total volume rose to 1.68 billion units valued at RM2.01 billion from Thursday’s 1.61 billion units valued at RM1.58 billion. Weekly turnover rose to 9.01 billion units, worth RM9.36 billion, from last week’s 8.35 billion units worth RM7.93 billion.