=MARKET BUZZ: Malaysia's ACE Index Jumps To Near 2-Year High; Caution Advised
KUALA LUMPUR (Oct 12) -- FTSE Bursa Malaysia ACE index +2.3% at 6955.67, highest since November 2015; outperforms KLCI that is down 0.3% at 1752.00. "A breakout above the 6,830 level boosted the lower liners. Retailers are chasing stocks that are related to 'famous' investors or syndicates," says analyst at local brokerage. MNC Wireless leads index with 22.2% gain at one-year high of MYR0.11; SMRT Holdings +13.2% at six-month high of MYR0.215, tracking its associate company Asiamet Education Group which rallies 75.8% to MYR0.29. However, cautious trading advised as "the penny stock fever seen today always leads to a significant market correction," says remisier at local brokerage.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
- Edited by Abhijit Basu
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