Article: Overbought but extended gains likely

Kaladher Govindan
New Straits Times
08-10-2009
Overbought but extended gains likely
Byline: Kaladher Govindan
Edition: Main/Lifestyle
Section: Business Times
Column: Market outlook
Type: Market

BETTER-than-expected earnings from top global financial names led by HSBC and developers in the region last week sustained upward momentum of the local stock market, translating into a fourth straight week of gains for the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) to chart a new 13-month high.

For the week, the FBM KLCI gained another 9.98 points, or 0.85 per cent, to close at 1,184.88. Strong weekly gains in Maybank (+6 points for the FBM KLCI), IOI Corp (+3.58), and Axiata (+2.53) ...

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