Shares on the local bourse traded on a somewhat more mixed note on May 7. The KL Composite Index surged in the morning session but selling pressure intensified later in the day.
Investor interest, however, remained buoyant. Trading volume rose to yet another high for the year with some 3.36 billion shares changing hands.
SAAG Consolidated, PDZ Holdings, KNM, Mulpha, Iris, Time dotCom and Scomi were some of the most heavily traded stocks.
At the close, there were five gainers for every three decliners. BAT was the biggest loser for the day while Magna Prima and Petra Perdana were the top gainers. The KLCI closed marginally lower at 1,023.5.
Sentiment for equities elsewhere remained firm. The Dow Jones Industrial Average added almost 102 points overnight bolstering confidence in Asian markets.
Bellwether indices for most regional markets moved broadly higher extending the rally that started in early March. The Nikkei 225 surged nearly 4.6% playing catch up to gains over the last three days when the market was closed for trading.
Early reports indicate that the results of the stress test on major US banks will not be as bad as feared even though a number of them will need fresh capital to cover potential loan losses.
Confidence was also buoyed by the latest US private sector employment data that showed a smaller than expected job loss in April. For the growing number of optimistic investors, this was further evidence that the economic freefall is slowing and the economy may soon bottom out.
Expectations of a global economic recovery drove crude oil prices higher. Crude oil futures traded on the New York Mercantile Exchange traded near US$57 per barrel, the highest level since mid-November 2008
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