The FBM KLCI closed up 9.42 points or 0.58% at 1,644.41 today after MSCI's gauge of Asia-Pacific shares climbed to a record high on world economic recovery bets in anticipation of continued global monetary and fiscal policy support. Fund managers’ portfolio window dressing is also seen contributing to Malaysian share gains.
Across Bursa Malaysia at 5pm, 7.82 billion securities were traded for RM3.65 billion.
"Stocks should return to base building mode to strengthen higher supports pending potential late window-dressing action ahead of the year-end,” TA Securities Holdings Bhd analysts wrote in a note today.
Globally, it was reported that Asian shares hit a record high on Wednesday with investors betting on a strong economic recovery next year, as there is little sign of policymakers winding back massive stimulus efforts aimed at staving off coronavirus-fuelled downturns.
It was reported that MSCI's gauge of Asia-Pacific shares excluding Japan rose 1.2% to hit a record high, led by gains in Chinese shares and bringing its gains so far this year to 18.9%.
"We think continued monetary and fiscal policy support means investors should take risk. Stocks will do better than bonds. Within bonds, corporate bonds should beat government bonds,” Reuters quoted Hiroshi Yokotani, head of Asia-Pacific fixed-income business at State Street Global Advisors, as saying.
No comments:
Post a Comment