FBM KLCI to see mild consolidation.

Byline: Kaladher Govindan

SHARES on Bursa Malaysia roared higher as trading began for the new year, with lower liners enjoying strong gains on robust buying momentum which jumped to a six-month high on active rotational plays as market players returned from the year-end holidays.

For the first week of 2010, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) climbed 20.2 points, or 1.6 per cent to 1,292.98, with index heavyweights CIMB (+54 sen), Axiata (+11 sen) and IOI Corp (+12 sen) contributing to half of the index's rise. Daily average traded volume and value ballooned to 1.43 billion shares worth RM1.59 billion, the highest since mid-June last year, from 555.9 million shares worth RM744.6 million in the previous week.

The sudden spurt of activity in the local market early last week came unexpectedly as positive manufacturing indicators from the US, China, Europe and India beefed up market sentiment. …