FBM KLCI - likely to stay range-bound with an upward bias

Stocks on Bursa Malaysia closed broadly higher last Friday with the FBM KLCI closed at a historic high of 1,711.29, up 4.95 points or 0.29%, from Thursday's close of 1,706.34, boosted by buying interest in government-linked companies (GLCs) amid positive regional sentiment. The key index hovered between 1,703.34 and 1,718.08, and hit an intra-day record high of 1,718.08. The previous historic high was 1,710.97 recorded on April 17, with an intra-day record high of 1,716.47 on April 12. On a weekly basis, the benchmark FBM KLCI rose 5.01 points from previous Friday's 1,706.28. Gainers led losers by 360 to 297, with 335 counters unchanged. Volume rose slightly to 746.76 million shares worth RM1.82 billion from Thursday's 734.40 million shares worth RM1.37 billion, while weekly turnover declined to 3.79 billion shares worth RM8.22 billion from previous week's 4.18 billion shares worth RM8.26 billion. ...Read more>>