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Wednesday, April 11, 2007

KLCI High

KLCI at 13-year high

PETALING JAYA: The Kuala Lumpur Composite Index (KLCI) came within an earshot of the all-time high reached in 1994 as shares soared in the on-going rally on the stock market.

The KLCI closed up 19.44 points at 1,298.36, after briefly crossing the 1,300-point level during the trading session. The highest close for the KLCI was on Jan 5, 1994 when the benchmark index was at 1314.16.

Prime Minister Datuk Seri Abdullah Ahmad Badawi expressed happiness that the KLCI had risen close to its all-time high. He said it was a sign that investor confidence in the stock market “is getting higher and stronger.”

“It’s good for our economy,” he told reporters yesterday.

Foreign buying of blue chip stocks has sent shares skyrocketing since the start of the year. A rallying stock and bond market has sent the ringgit sharply higher against the US dollar.

At 5pm yesterday, the ringgit was RM3.447 against the US dollar - The Star.