Bursa hits new high
Investors are looking at Malaysia as a regional place to hide in light of all the volatility, says a head of research
Kuala Lumpur: The FTSE Bursa Malaysia KLCI Index rose to a record close yesterday and analysts think it may climb even further amid strong foreign interest.
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The index gained 4.99 points, or 0.3 per cent, to 1,575.01, even as most regional markets moved up, on increasing optimism that Greece's sovereign debt crisis can be resolved and that there will not be a contagion effect.
"Investors are looking at Malaysia as a regional place to hide in light of all the volatility," said Chris Oh, head of research at UBS Securities Malaysia Sdn Bhd.
He said Malaysia has also been seeing "a lot of foreign interest" of late on the back of strong initial public offerings.
A day earlier, sugar refiner MSM Malaysia Holdings Bhd rose by a spectacular 31 per cent on its debut.
"Directionally, the market's on the way up," Oh said, adding that UBS has a year-end target of 1,800 points for the index.
The index, which surpassed the January 17 record of 1,574.49, has climbed 3.7 per cent so far this year, the most of all key markets in the Asia Pacific.
There were 434 gainers, 333 losers and 333 unchanged counters in the market yesterday. Some one billion shares worth about RM1.8 billion changed hands.
Kuala Lumpur: The FTSE Bursa Malaysia KLCI Index rose to a record close yesterday and analysts think it may climb even further amid strong foreign interest.
"Investors are looking at Malaysia as a regional place to hide in light of all the volatility," said Chris Oh, head of research at UBS Securities Malaysia Sdn Bhd.
He said Malaysia has also been seeing "a lot of foreign interest" of late on the back of strong initial public offerings.
A day earlier, sugar refiner MSM Malaysia Holdings Bhd rose by a spectacular 31 per cent on its debut.
"Directionally, the market's on the way up," Oh said, adding that UBS has a year-end target of 1,800 points for the index.
The index, which surpassed the January 17 record of 1,574.49, has climbed 3.7 per cent so far this year, the most of all key markets in the Asia Pacific.
There were 434 gainers, 333 losers and 333 unchanged counters in the market yesterday. Some one billion shares worth about RM1.8 billion changed hands.
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