KUALA LUMPUR: Petronas Dagangan, Genting Bhd
and Sime Darby underpinned the FBM KLCI’s early advance on Tuesday ahead of the Budget 2018 proposals to be announced on Friday.
At 9.16am, the KLCI was up 3.01 points or 0.17% to 1,744.48. Turnover was 214.73 million shares valued at RM110.63mil. There were 164 gainers, 134 losers and 237 counters unchanged.
Asian shares held within striking distance of recent decade highs on Tuesday even as Wall Street fell from record levels, while currencies kept to narrow ranges ahead of key economic events, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% firmer at 549.71, not far from a 10-year high of 554.63 set last week.
Australian shares also edged higher and back toward a 5-1/2 month peak touched on Monday, while Japan's Nikkei fell 0.2% from a 21-year high.
As for Bursa Malaysia, Hong Leong Investment Bank (HLIB) Research said mid-to-large cap stocks might still consolidate sideways ahead of the Budget 2018 proposals this Friday.
It also expected lower liners related to technology sectors could still be traded actively.
“Also, we notice a pickup in trading volumes on logistics players such as Century Logistics and Xinhwa.
“Any balance LRT3 contracts to be awarded may contribute to renewed trading interest among construction stocks,” it said.
Petronas Dagangan added 28 sen to RM24.26, KL Kepong gained 18 sen to RM24.58, Genting Bhd 10 sen to RM9.45, Sime Darby nine sen to RM9.20 while Petronas Gas advanced eight sen to RM18.28 with just 100 shares done.
Denko Industrial jumped 27 sen to RM1.55. Its executive chairman and controlling shareholder Datuk Seri Foo Chee Juan plans to inject his privately-owned precision plastic injection moulding firm into Denko for an indicative price of RM1.19bil.
Adventa added 10 sen in rising trade on reports Top Glove might to buy the glove maker. Top Glove lost nine sen to RM6.59 on profit taking.
BAT fell 60 sen to RM42 after its third quarter earnings fell by one-third.
Tenaga and Yinson lost six sen each to RM14.24 and RM3.92.
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