Friday, 1 July 2011
Inflow of foreign funds push strengthening FBM KLCI
Bursa Malaysia recorded its highest closing level yesterday supported the inflow of foreign funds into local market following the country's economic prospects are expected to remain strong as well as shopping 'decorate account' half of the final day. At the close yesterday, the Kuala Lumpur Composite Index FTSE Bursa Malaysia (FBM ) increasing by 4.06 points or 0.26 percent to 1,579.07 points ahead of the previous closing high of 1,576.95 points, recorded on 6 January.
Dealers said although the global market situation is still in a state of uncertainty, especially following the debt crisis of Greece and the U.S. economic slowdown, but investor confidence in the local market remained strong.
"There is a purchase by foreign investors that were detected on the blue chips, especially in the finance, technology and construction. "The surge in the index today (Monday) is also generated activities decorate account 'by fund managers," he said. Following the increase, he said , a new barrier for the FBM KLCI is now at 1.600 points, while the current support level at 1.566 points. However, traders said profit taking is expected today to mid next week, following the already over-buying market.