MAI PARKING SAT KOT? Defensive market. KUALA LUMPUR (July 7): The FBM KLCI achieved a record close, rising 7.59 points or 0.4 % to 1,892.50 after hitting an intraday high of 1894.72. The KLCIs rise came on foreign fund buying. Danny Wong, CEO of Areca Capital told theedgemalaysia that the influx of foreign funds pushed the index to an all-time high today on the back of selected blue chips. The blue chip stocks include Petronas Gas Bhd, Hong Leong Financial Group Bhd and RHB Capital Bhd. “Malaysia is known as a defensive market and many investors may be looking to diversify their investments into steady stocks. Local banks, and oil and gas blue chips may attract attention in the coming days,” he said. The KLCIs rise came amid a strengthening ringgit in anticipation of Bank Negara Malaysia likely raising interest rates this week. The ringgit strengthened to RM3.1900 versus the US dollar today, according to Bloomberg data. This compares with RM3.3511 seen in February this year. Wong foresees a 25 basis point hike in Malaysias overnight policy rate (OPR) on positive economic figures.
Posted on: Mon, 07 Jul 2014 15:12:07 +0000
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