FBM KLCI - likely to stay range-bound

Stocks on Bursa Malaysia closed higher following the Budget 2013 announcement last Friday which has been viewed as one that would generate business growth while containing the deficit level. The Budget 2013, reiterated Malaysia’s commitment to reduce the deficit level to 4% of gross domestic product while economic growth has been projected to expand 4.5% to 5.5%. An allocation of RM3 billion to implement Entry Point Projects was also announced. The FBM KLCI closed 8.82 points or 0.54% higher at 1,636.66, and week-on-week, it gained 12.96 points from 1,623.70 previously. Gainers led losers by 411 to 300 while 331 counters were unchanged. Turnover increased to 994.314 million shares worth RM1.8 billion from Thursday's 731.340 million shares worth RM1.384 billion, and weekly volume in turnover increased to 4.431 billion shares worth RM7.457 billion from the 3.85 billion units valued at RM6.99 billion the previous week. ...Read more>>