Investor confidence in equities stayed on a positive footing on Thursday, Sept 10. Shares traded broadly higher in major Asian bourses after Wall Street posted its fourth consecutive gains overnight. The improved sentiment could also be partly attributed to chipmaker, Texas Instrument’s more optimistic outlook for the company.US stocks were buoyed by an upbeat assessment of the economy by the Federal Reserve, which noted that it is “cautiously positive” that economic activity is stabilising or improving in most regions. The Standard & Poor’s 500 index ended at a fresh year-high of 1,033.4 points while the Dow Jones Industrial Average edged higher by nearly 50 points.
Bellwether indices in key regional stocks markets, including Japan, Hong Kong and Singapore closed in positive territory. However, the Shanghai Composite Index fell 0.7%.
On the home front, the FBM KLCI opened on a strong note, surging as high as 1,210.1 points in the morning session. The benchmark index pared gains after the mid-day break but still closed nearly five points higher at 1,201.3. This was a shade lower than year-high close on Tuesday.
Some of the big gainers for the day were IJM, Guinness Anchor, Astro, YTL Corp and Public Bank. Market breadth stayed positive throughout the trading day. At the close, gaining counters outnumbered losing ones by a margin of roughly seven to five.
About 649 million shares changed hands. KNM was the most heavily traded stock for the day. Other actives include SAAG, UEM Land, Astro, CIMB and YTL Power.
In other news, crude palm oil futures traded marginally lower. Latest data from the Malaysian Palm Oil Board showed exports falling 10.3% year-on-year in August. As a result, stockpiles edged higher to 1.42 million tonnes, up from 1.33 million tonnes in July, despite production falling 6.6% on-year during the month