KUALA LUMPUR: Hong Leong Bank, oil and gas stocks and DRB-Hicom were in focus on Wednesday when the market reopened for trading following last Friday’s corporate news but whether the market can hold on to its gains remains to be seen after the weaker overnight close on Wall Street.
At 10am, the FBM KLCI was up 1.56 points or 0.09% to 1,781.01 but off the earlier high as investors sought more leads from funds.
Turnover was 348.27 million shares valued at RM266.45mil. There were 253 gainers, 232 losers and 299 counters unchanged.
The ringgit firmed up against the US dollar by 0.04% to 4.285 from the previous close of 4.2865. It is up 4.66% year-to-date.
Asian shares slumped early Wednesday after Wall Street was knocked hard in the wake of a delay to a US healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year, Reuters reported.
Japanese stocks wobbled on Wednesday morning as tech shares were dragged down by falls in their US counterparts overnight, while financials rallied on the back of rising US yields.
The Nikkei share average shed 0.2 percent to 20,181.62 in midmorning trade, while gains in banking stocks and insurers supported the broader Topix, which tacked on 0.1 percent
At Bursa Malaysia, Hong Leong Bank rose 46 sen to RM16 with 253,100 shares done while MAHB added 31 sen to RM9.01.
Petronas Gas rose 30 sen to RM19.20 and Petronas Dagangan added 22 sen to RM24.44. Refiners Hengyuan gained 18 sen to RM5.27 and Petron 17 sen higher at RM7.33.
Sapura Energy
shed one sen to RM1.56 with 6.93 million shares done.
Apollo rose 14 sen to RM5.14 after it posted a 57.8% on-year increase in net profit for its 4QFY17 thanks to higher sales achieved.
DRB-Hicom rose three sen to RM1.78 with 5.94 million shares done as analysts and investors were positive about DRB-Hicom and Zhejiang Geely Holdings’s definitive agreement.
Geely will subscribe for a 49.9% stake in Proton and acquire a 51% stake in Lotus. Geely will subscribe for a 49.9% stake in Proton for a consideration of RM460.3mil and acquire a 51% entire stake in Lotus for £100mil (RM550mil).
Semiconductor and tech stocks fell with burn-in tester down 10 sen to RM15 and Glolobetronics nine sen lower at RM6.
Genting Plantations fell eight sen to RM11 and Sarawak Oil Palm six sen lower at RM3.53.
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