The 30-stock FBM KLCI reached an intra day high of 10.55 points and settling at 8.57 points to 1,179.88 with turnover stood at 1,048 million shares valued at RM1,658 million.
The market was in line with the gains of other regional markets(refer - Far East Asian Bourses ended Higher on trading).
Advances stocks beat decliners 403 to 299 while 215 stocks were unchanged.
Consumer stocks Nestle (M) Bhd and British American Tobacco Bhd ,and department store operator Parkson were among the major gainers of the day on expectations that retail sales will recover gradually towards the year-end, boosted by the festive season and the mega sales campaign.
A soft quarter for the remaining 2009 is expected with anticipated given the wealth effect from the rally in the equity market and the more positive overseas economic data in June.
The recovery in retail sales will be more apparent in 2010 driven by an anticipated stronger GDP in 2010 with lower unemployment rate due as a result of improve business sentiment and a rebound of the equity market and positive news flow from overseas.
Profit takings saw counter such as Tanjong shedding by 40 sen to RM15.58, Petronas Dagangan fell 11 sen to RM8.55 while AirAsia gave up nine sen to RM1.45 after announcing details of its proposed share placement at an illustrative RM1.25 per share.
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