Business News

Friday, 6 September 2013 | MYT 9:19 AM

Pos Malaysia, Integrated Logistics up on dividends hope

KUALA LUMPUR: Shares of Pos Malaysia and Integrated Logistics rose early Friday on investors expectations of dividends as the FBM KLCI eked out marginal gains.

At 9.05am, the KLCI was up 0.67 of a point to 1,721.64. Turnover was 46.18 million shares valued at RM21.67mil. There were 76 gainers, 48 losers and 104 counters unchanged.

BIMB Securities Research said the KLCI had on Thursday, closed 4.21 points higher at 1,720.97 from some degree of buying support by the local institutions. The foreign funds continue as net sellers with another net outflow of RM162mil. 

“We detected some degree of trepidation as the buying has now simmered down and expect the local bourse to remain range bound with immediate support at the 1,175 level,” it said.

Pos rose 10 sen to RM5.09 with 12,100 shares done while Integrated Logistics added eight sen to RM1.97 with 1.19 million units done.

Integrated Logistics has proposed to distribute a net special dividend payment of RM1.10 per share (or a total amount of RM181m) following the disposal of its China/Hong Kong operations.

As for Pos Malaysia, the company is looking at the possibility of passing back its tax credits of RM317mil, or 59 sen per share, to shareholders.

Tags / Keywords: Investing

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