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THE benchmark stock index, which broke the psychologically important 1,000-point mark yesterday to reach a new high this year, has room to move up further on renewed interest in shares, analysts said.
The Kuala Lumpur Composite Index (KLCI) gained 1.9 per cent, or 18.62 points, to close at 1,009.36, its highest since October 3 last year.
Market breadth was positive, with gainers thumping losers by 536 to 153.
Dealers expect the KLCI to test 1,040 points this week. The 1,000 support level is expected to hold.
OSK Research advised investors to buy selective shares at any point the market dips.
"Given the market's toppishness, we advise investors to adopt a careful stock-picking strategy, with increasing focus on construction, oil and gas, and building material stocks," it said in its market strategy report for this month.
Its top stock picks include MMC, MRCB and Mudajaya.
It raised its fair value for the KLCI to 1,040 points from 960 previously. It believes the index has already bottomed in March and is unlikely to form a new low, although volatility and further dips are expected.
The market rally, which was in line with gains on Wall Street and in the region, came on the back of a flood of liquidity on growing optimism that the worst of the global economic crisis could be over.
Fears of a global influenza A(H1N1) outbreak were shrugged off.
All major benchmark indices in Asia rose, led by India (up 6.3 per cent), Singapore (up 5.7 per cent) and Taiwan (up 5.6 per cent).
At home, some 1.75 billion shares worth RM1.62 billion changed hands.
The ringgit strengthened against the US dollar to close at 3.53, from 3.55 last Thursday.
Bumiputra-Commerce and Tanjong gained 50 sen each to RM8.55 and RM14.60 respectively, making them the day's biggest gainers.
KNM Group continued to top the most active list, adding 7 sen to 64.5 sen.
