KUALA LUMPUR: Genting Bhd
provided the last-gasp recovery for Bursa Malaysia on Friday as funds picked up the shares following positive corporate developments while trading volume surged over two billion shares.
At 5pm, the FBM KLCI was up 1.22 points or 0.07% to 1,755. Turnover was 2.38 billion shares valued at RM1.91bil. There were 363 gainers, 431 losers and 418 stocks unchanged.
Reuters reported Hong Kong stocks rose for the fifth straight day on Friday, recording their best weekly gain in a year, as the previous week's correction attracted bargain hunting from mainland China investors.
Sentiment was also aided by a generally upbeat mood in Asian markets, amid consensus that the US Federal Reserve will pursue a gradual rate tightening path.
The ringgit was flat against the US dollar at 4.2922 but it slipped 0.25% to the pound sterling at 5.5639, lost 0.26% to the Singapore dollar at 3.1245 and dipped 0.06% against the euro to 4.8977.
Underpinning Genting's advance was news that New York’s Resorts World Casino, the top-grossing slots parlor in the US, broke ground on a new 400-room hotel.
The hotel marks a US$400mil expansion at the Aqueduct Racetrack in Queens that will include additional casino space, along with new retail, dining and entertainment.
Other news said Genting Group has sold its substantial stake in Australia's The Star Entertainment Group. The shareholding, which represented 5.62% of the issued capital or 46.4 million shares, was offered at A$5.07 each.
Genting rose 31 sen to RM9.55 and pushed the KLCI up 2.01 points, Genting Malaysia gained four sen to RM5.74.
US light crude oil rose 21 cents to US$46.29 and Brent added 23 cents to US$48.65. Petronas Gas rose 22 sen to RM18.80, Petronas Dagangan lost two sen to RM23.66 while Petronas Chemical lost 10 sen to RM6.85. Petron rose 13 sen to RM8.01. UMW Oil and Gas fell 1.5 sen to 28.5 sen.
Ajinomoto rose 72 sen to RM24.14, Nestle added 30 sen to RM84 and BAT gained 14 sen to RM42.94. However, brewers Carlsberg lost 12 sen to RM14.98 and Heineken 10 sen lower at RM17.96.
Crude palm oil for third-month delivery was down RM4 to RM2,553 per tonne. United Plantations was the top loser, down 32 sen to RM27.08 with 200 shares done. IOI Corp and PPB Group shed two sen each to RM4.49 and RM16.70, KL Kepong was down four sen toRM24.66. Sime Darby edged up one sen to RM9.55.
KESM fell 22 sen to RM15.96, OIB was down 14 sen to RM2.45 while Malton fell 13 sen to RM1.22.
IHH Healthcare rose three sen to RM5.98, Tenaga added two sen to RM14.20 and MISC one sen down at RM7.39.
Digi fell seven sen to RM4.66 and erased nearly one point from the KLCI, Telekom lost four sen to RM6.41, Axiata lost three sen to RM4.60 and Maxis two sen to RM5.50.
AmBank gained three sen to RM5.10, Maybank and RHB Bank inched up one sen each to RM9.62 and RM5.06, CIMB was flat at RM6.34, Public Bank was flat at RM20.36 and Hong Leong Bank lost two sen to RM15.86.
Among the key regional markets,
Japan’s Nikkei 225 gained 0.09% to 20,118.86;
Hong Kong’s Hang Seng Index rose 0.16% to 26,389.23;
CSI 300 added 0.44% to 3,703.09;
Shanghai’s Composite Index rose 0.13% to 3,222.42;
Hang Seng China Enterprise gained 0.47% to 10,728.07;
Taiwan’s Taiex shed 0.16% to 10,443.91;
South Korea’s Kospi gained 0.21% 2,414.63;
Singapore’s Straits Times Index jumped 1.6% to 3,287.43.
Spot gold rose US$1.43 to US$1,219.01 per troy ounce.
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