Well if you are wondering why the KLCI suddenly jumped up so much at the end of the day, search no more as it was due to the foreign funds injected for shares like Telcos, UMW, Genting and Westports. It is always a good sign to see foreign investors investing once again in our share market. More details from The Star newspapers below or here.
KUALA LUMPUR: Another day of late buying by foreign funds helped send the FBM KLCI up more than 21 points on Monday after a rather lacklustre day, with buying seen in telcos, UMW and Genting Bhd.
At the close, the KLCI was up 21.05 points or 1.22% to 1,744.19. Turnover was 1.31 billion shares valued at RM1.249bil. The broader market was weaker with 324 gainers, 465 losers and 333 counters unchanged.
Stock market data showed that foreign funds were net buyers at RM88.94mil on buying of Axiata, Maxis, UMW and Westports.
Last Friday, the KLCI also staged a late rally, surging about 23 points, underpinned by surprising foreign fund buying of key stocks.
With Monday’s gains, the KLCI has chalked up 44 points over the last two trading days.
This was indeed unusual for the Malaysian market to buck the key Asian and European markets.
Reuters reported the Greek stock market slumped when it reopened on Monday after being shut down for five weeks, while weak data from China helped push oil prices to their lowest in six months and Asian stocks close to their 2015 lows.
Surveys showed China's factory activity contracted by the most in two years, ensuring a three-month sell-off in commodity and emerging markets would continue.
At Bursa Malaysia, UMW jumped 72 sen to RM10.72. Hong Leong Industries surged 51 sen to RM5.79 despite being queried by Bursa Malaysia Securities about the unusual market activity.
Among the telcos, Maxis added 53 sen to RM7.20 and Axiata gained 48 sen to RM6.85.
Petronas Gas added 32 sen to RM22.40 while Westports was up 28 sen to RM4.29 after its target price was upgraded by CIMB Equities Research. Genting Bhd closed 18 sen higher at RM18.32.
MPI’s rally hit a speed bump, falling 23 sen to RM7 on profit taking. MAHB fell 23 sen also on a downbeat outlook from analysts. Genting Plantation shed 16 sen to RM10.24.
