FBM KLCI - likely to move range-bound

Stocks on Bursa Malaysia extended its recovery momentum last Friday following the recent losses, on the back of positive external and internal sentiments. The US Federal Reserve’s (Fed) plans to launch an aggressive stimulus package, known as the third round of quantitative easing, helped boost the market. Under the plan, the Fed would buy US$40 billion of agency mortgage debt per month and pledged to maintain it until the country’s unemployment rate improved. Locally, the government announced on Thursday seven new projects under the Economic Transformation Programme, with a total investment value of RM5.607 billion. The FBM KLCI, which opened 6.48 points higher at 1,634.88, rose 14.55 points to 1,642.95 from 1,628.4 on Thursday, while week-on-week, it gained 18.40 points from previous Friday's 1,624.55. Gainers led losers by 561 to 209 while 308 counters were unchanged. Total turnover rose to 1.07 billion shares valued at RM2.07 billion from Thursday's 1.02 billion shares valued at RM1.62 billion. ...Read more