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TwitterIt is another bullish week for the equity market and the benchmark FBMKLCI is currently trading at its all time high. For the past one week, the FBMKLCI traded between 1,570.39 and 1,589.96 and closed at 1,581.85 points Tuesday. The “cautious accumulation” that I mentioned last week turned into strong accumulation this week despite lower volume. The market sentiment was led by positive performance from regional markets. Average daily trading volume for the past one week was 900 million shares as compared to 950 million shares in the previous week.
There were leads in the real-estate market and regional equities markets two weeks ago that caused sentiment to be bullish. The bullish market sentiment has helped newly listed MSM Holdings Berhad which opened 30% higher than its IPO last week to currently trade at 46% above the IPO price. Today, the government announced a Strategic Reform Initiatives (SRI) worth some RM13 billion over the next five years to boost the nation’s global competitiveness. Under the SRI, the government plans to cut stake in 25 Government-Linked Companies or GLCs by 2012. However, the initiative which is part of the Economic Transformation Programme (ETP) did not manage to boost market confidence. The FBMKLCI ended 1.74 points lower today.
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