FBM KLCI - likely to further consolidate

Stocks on Bursa Malaysia closed marginally higher last Thursday, supported by gains in selected blue chips. Heavyweight stocks like Sime Darby gained due to positive financial results posted recently. On the global front, investors were cautiously awaiting the outcome of a meeting of central bankers and economists, including US Federal Reserve chairman, Ben Bernanke on Friday. The FBM KLCI gained 0.53 of a point to 1,646.11 after opening 0.86 of a point lower at 1,644.72. Week-on-week, the benchmark index dropped 2.11 points, or 0.1% to 1,646.11 from 1,648.22 on previous Friday. Losers led gainers by 455 to 279, while 336 counters were unchanged. Total turnover rose to 1.37 billion shares worth RM1.71 billion from 1.26 billion shares worth RM1.296 billion registered Wednesday. Read more