Higher, led by property stocks

Share prices on Bursa Malaysia closed firmer across the board yesterday, led by property-related stocks.

The benchmark FTSE Bursa Malaysia (FBM) Kuala Lumpur Composite Index reversed the morning's easier trend to finish 3.41 points higher at 1,263.94. It had opened 0.52 point lower at 1,260.0.

The revision of the real property gains tax policy bolstered renewed confidence in property counters and was described as the "perfect Christmas gift" for the sector.

"It provides a much needed relief to the sector as it sends an affirmative signal that the government will adopt an accommodative stance to support the property sector," said ECM Libra Investment Research in its research note yesterday.

The FBM Emas Index added 27.95 points to 8,421.43, the FBM Top 100 Index increased 25.48 points to 8,239.03, the FBM 70 Index advanced 38.15 points to 8,151.53 but the FBM ACE Index eased 17.99 points to 4,200.53.
The Finance Index rose 25.44 points to 10,905.94 prompted by Maybank which rose 3 sen to RM6.80 and CIMB Group which gained 2 sen to RM12.84.

Plantation stock PPB Group rose 30 sen to RM16.00 and Kuala Lumpur Kepong gained 2 sen to RM16.08.

Dealers said trading was moderate ahead of the long weekend amid positive sentiment buoyed by advances in regional markets.

The local bourse will be closed today for Christmas.

Gainers led losers 340 to 208 while 268 other stocks were unchanged.

AAG Consolidated was the most actively traded stocks but it eased 1/2 sen to 17 sen with 17.098 million shares changing hands.

Next on the actives list was Affin Holdings Warrants which also shed half-a-sen to 27 sen and Green Packet Warrants added 1/2 sen to 67 sen.

Among other actives, DSC Solutions fell 1.5 sen to 31 sen and Axiata Group was flat at RM3.02.

In heavyweights, Sime Darby fell 2 sen to RM8.97, Maxis added 1 sen to RM5.40 but Tenaga Nasional was flat at RM8.32.

Meanwhile, FBM KLCI futures on Bursa Malaysia Derivatives closed higher yesterday amid firmer underlying cash market, said dealers.

December 2009 rose 0.5 point to 1,264.0, January 2010 inched up 0.5 point to 1,265.0, March 2010 added 1.0 point to 1,265.0 and June 2010 went up 1.5 points to 1,265.5.

Total volume improved to 7,508 lots from 6,809 lots on Wednesday while open interest increased to 19,858 contracts from 17,561 previously.

By Bernama