Winning streak continues...

The FBM KLCI continued to charge higher yesterday, this time lifted by banking stocks CIMB, Maybank and Public Bank. At the close, the benchmark index jumped 14.28 points to 1566.17 points, which was more than 5 points off its best for the day. Market breadth was weaker than the day before, with 547 gainers against 320 losers. This was perhaps not surprising given that most regional markets were in the red yesterday. Overnight, the Dow climbed further with a 32-point gain while Europe closed mixed. There was little in terms of news flow and hence local stocks could continue to scale higher although a different group of stocks could take the lead today in typical rotational play.