Malaysia Market – End of the Day

Asian stocks gained on optimism of global stimulus policies though US market was down on Friday night.

Malaysian market recorded with impressive gains of 21.48 points with KLCI closed at 878.30. Market was partly boosted by the positive performance of other Asian markets. But, the main impetus came from the approaching UMNO Election. Most government-linked counters such as MRCB, Sapcres, Tebrau, UEMLand and so on were traded with significant gains. These are window-dressing activities ahead of the UMNO General Assembly meeting, dealers said.

Firmer crude palm oil prices also gave KL Kepong and IOI Corp a boost.

The Key Indicator (Blue) of the Daily MSO Chart lifted its head decisively after today’s Trade. The Indicator is now at +36.55 gains 28.96 pts. Today’s intra-day Oscillator has also depicted a strong posture as the result of a good number of gainers and double-size volume.

Barring any unforeseeable circumstances, market sentiment will remain bullish, near term. (Click on Chart to view)