The Kuala Lumpur Composite Index (KLCI) briefly broke through the 1,300 level late this afternoon to register a 13-year high on continued strong buying support of the heavyweight counters. It reached a high of 1,300.94 at 4.42pm before settling down to close at 1,298.36.
According to Bernama, “the local bourse continued its gains for the fifth day as funds were back following the country’s strong foreign reserves of RM306.8 billion and the strengthening of the ringgit at RM3.44 per US dollar.”
With this psychological barrier tested successfully, all eyes are now fixed on tomorrow’s trading. Will we see the KLCI soar to new heights beyond the all-time high of the KLCI which was recorded more than 13 years ago? Or, will we see the big market players take profits at this juncture? The last time there was such euphoria in the market was on 5 Jan 1994 when the index had topped at 1,332.04.