KUALA LUMPUR (Aug 6): The FBM KLCI closed up 20.44 points or 1.3% today at its intraday high of 1,588.57 while trade volume across Bursa Malaysia topped 16 billion securities to hit another all-time peak for the second time this week.

At 5pm, Bursa's trade volume stood at 16.69 billion securities worth RM8.56 billion.

There were 716 gainers and 468 decliners across the exchange.

The KLCI closed up at its intraday high today after a final-hour jump.

Maybank Investment Bank Bhd remisier Jeffry Aziz told theedgemarkets.com that notable KLCI movers today included Top Glove Corp Bhd and Petronas Chemicals Group Bhd.

Top Glove’ share price ended up 46 sen or 1.65% at RM28.40 while Petronas Chemicals finished 19 sen or 3.32% higher at RM5.92.

On the KLCI, CGS-CIMB Securities Sdn Bhd analysts Ivy Ng Lee Fang and Nagulan Ravi wrote in a note today that given the KLCI's sharp gains in the past four months and with August being typically a negative month for the index, CGS-CIMB does not discount the possibility of profit-taking activities.

"We maintain our end-2020 KLCI target of 1,550, based on a P/E target of 16x. We advise investors to stay defensive and,  for those with higher risk appetite, to venture into selective cyclicals that offer deep value," they said.

All Bursa indices closed higher today except for the Healthcare index. The KLCI's 1.3% rise today trailed top percentage gainer FBM ACE index's 3.86% increase while the Healthcare gauge fell 0.2%.

Securities trade volume across Bursa rose to another record high today after its volume climbed to its previous all-time high of 15.62 billion securities on Tuesday.

On Tuesday, the bourse's securities transaction value also ended at a record high at RM10.45 billion.

Globally today, it was reported that stocks slipped as investors waited for signs of agreement on a US stimulus package, while the US dollar slumped to a two-year low on fears that the recovery in the world's biggest economy was lagging others.

"European stocks edged down in volatile trading, with Frankfurt gaining 0.2% as investors digested a fresh batch of corporate earnings reports," Reuters reported.