Sin Chew Daily, 30 Jun 2011 - Bursa Malaysia closed higher at 1,570

Sin Chew Daily, 30 Jun 2011

With the Greece’s debt crisis improving, the US markets witnessed a rise in their share prices. The benchmark FTSE Bursa Malaysia also indicated that it has exceeded this year’s 17 January’s all-time high record of 1,574.49 to end with a fresh higher record of 1,575.81.

Overall, the market was positive and seems to be moving towards breaking the resistance level. The FBM KLCI’s opening record was encouraging, and it touched the resistance level of 1,570.

In the afternoon session, profit-taking, however, set in to check the gains. The market barometer moved to a record low of 1570.39 before rising to a gain of 1575.01 in the last few minutes. This was probably due to the strong support from investors in taking advantage of the low

prices. The benchmark FTSE Bursa Malaysia KLCI rose 4.99 points to close at 1575.01.

Total volume rose to 1.044, 279 billion shares valued at RM1.796,030 billion, reflecting a positive sign, but how long this sentiment can last is to be observed.

The FBM Emas Index jumped 29.46 points to 10.806.28 and the Industrial Index was 11.46 points higher at 2,825.53. The FBM ACE Index, however, declined 3.04 points at 4,197.90.

Gainers led losers by434 to 333, while 319 counters closed unchanged.

Other lower property stocks attracted some sentiments, probably due to the government’s recent announcement to build more affordable homes with house prices costing RM300,000 and below.

Property stocks such as LBS Bina, 5789, KSL, 5038, Dijacor, 5401, YTL Land, 2577, and UEML 5148 are some of the most active counters with stocks closing with mixed prices.

Among the most active stocks, Zurich Insurance Co. Ltd MAA, 1198 moved up 5.5 cents or 7.86% to 75.5 cents. The company has zero debt now and is planning to focus their plan towards Islamic Insurance.