KUALA LUMPUR: IOI Corp and Public Bank helped push the FBM KLCI closer towards the crucial 1,800 level early Wednesday as investor sentiment was galvanised by the record closing on Wall Street and fresh corporate news.
At 9.50am, the KLCI was up 2.38 points or 0.13% to 1,792.24. Turnover was 666.63 million shares valued at RM223.77mil. There were 293 gainers, 192 losers and 312 counters unchanged.
Asian shares inched up to a 10-year high on Wednesday, cheered by record highs on Wall Street, while the dollar's rise against the yen helped boost Japanese shares, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher in early trade, while Japan's Nikkei stock index added 0.4% to a one-month high, getting a tailwind from a weaker yen.
Oil prices were mixed early on Wednesday, but largely held on to gains in the previous session after OPEC said it expected higher demand for its crude next year.
US West Texas Intermediate rose six cents to US$48.29 a barrel while the international benchmark Brent crude was down seven cents at US$54.20 a barrel, Reuters reported.
At Bursa, IOOI Corp rose 19 sen to RM4.74 with over three million shares done.
The plantation heavyweight is selling its 70% stake in IOI Loders Croklaan for nearly RM4bil. IOI intends to pay out a cash dividend of RM788mil (or 13 sen a share) from the proceeds.
Public Bank added 18 sen to RM20.80, Aeon Credit
was also up 18 sen to RM13.18.
Ajinomoto was the top gainer, up 48 sen to RM19.90.
As for tech and chip makers, PMB Tech jumped 24 sen to RM2.88, KESM added 18 sen to RM15.08, MPI 16 sen to RM13.76 and Pentamaster 13 sen to FRM4.72. However, Globetronics fell 17 sen to RM6.40.
Dataprep added 3.5 sen to 43 sen and Aemulus 0.5 sen higher at 67 sen in active trade.
Willowglen fell 10 sen to RM1.29 after disappointing news that a takeover offer by New Advent Sdn Bhd, a company owned by the family of Willowglen group managing director Wong Ah Chiew, was only 80 sen per share. The 80 sen per share cash offer is 40% below the previous day’s closing price of RM1.34.
PPB Group fell six sen to RM16.78, while CMSB, Takaful, IHH and Lotte Chemical Titan fell five sen each to RM4.06, RM3.85, RM5.95 and RM5.75 respectively.
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