Business News

Published: Monday February 4, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:25:35 AM

MISC in focus on takeover, broader market mixed

KUALA LUMPUR: MISC was in focus on Monday as its share price raced to the highest since while the key FBM KLCI held on to its gains, underpinned by fund buying of bank stocks despite the mixed broader market.

MISC rallied 77 sen to RM5.22, the highest since April last year, with 10.57 million shares. Petronas offered RM5.30 in its proposed takeover exercise.

At the close, the FBM KLCI was up 7.0 points or 0.43% to 1,634.55. Turnover was 1.36bil shares valued at RM1.74bil. There were 285 gainers, 405 losers and 338 counters unchanged.

Asian markets were mixed on Monday as late profit-taking offset a rally on Wall Street that was fuelled by upbeat jobs data out of the US, wire reports said.

Among the key regional markets, Japan's Nikkei 225 rose 0.62% to 11,260.35; Shanghai's Composite Index gained 0.38% to 2,428.15; Taiwan's Taiex advanced 0.86% to 7,923.16 while Singapore's Straits Times Index added 0.2% to 3,297.69.

Hong Kong's Hang Seng Index fell 0.16% to 23,685.01 and South Korea's Kospi slipped 0.23% to 1,953.21.

Crude palm oil for third-month futures rose RM18 to RM2,576 which was the highest since Oct 25 last year. However, IOI Corp and KLK lost four sen each tp RM4.93 and RM21.66 while PPB Group shed two sen to RM12.44 and FGV one sen lower at RM4.57.

The ringgit advanced the most in a month as recent losses were judged excessive, and on signs the US economy is improving. It was up 3.0950 from the previous close of 3.1165.

At Bursa Malaysia, Maybank rose nine sen to RM8.97 and added 1.69 points to the KLCI while Public Bank and HLFG added eight sen each to RM15.60 and RM13.84 and CIMB four sen higher at RM7.25. HL Cap lost eight sen to RM1.85. Among consumer stocks, BAT added RM1.40 to RM58.80 and Nestle 60 sen to RM59 but F&N lost 18 sen to RM18.10.

Glove makers rose with Hartalega climbing 22 sen to RM4.70 and Top Glove 21 sen to RM5.44.

However, MSM fell 20 sen to RM4.89 in thin trade. Pharmaniaga shed 10 sen to RM7.80.

Patimas was the most active with 385.2 million shares done, sliding 4.0 sen to 8.0 sen while recently-listed China Automobile fell 5.5 sen to 67.5 sen.

US light crude oil fell 43 cents to US$97.34 and Brent 40 sen lower at US$116.36 and spot gold US$1.62 down to US$1,665.78.

Tags / Keywords: News, Business, MISC, KLCI, banks, China Automobile, Patimas, Business

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