KUALA LUMPUR: Blue chips managed to edge up slightly higher early on Thursday, aided by a mild rebound in Dialog Group
but Scientex and Daibochi diverged after their corporate exercise.
At 9.33am, the KLCI was up 0.27 of a point or 0.02% to 1,688.68. Turnover was 266.86 million shares valued at RM132.76mil. There were 229 gainers, 150 losers and 175 counters unchanged.
Scientex rose 20 sen to RM8.87 after it bought a 42.4% stake in Daibochi for RM222.5mil (RM1.60 a share) via a share swap at 5.5 Daibochi shares for one Scientex share. This would see it undertaking a mandatory general offer for the remaining shares.
However, Daibochi fell 25 sen to RM1.74 if based on the takeover offer of RM1.60 a share.
CIMB Equities Research views Scientex’s takeover of Daibochi as long-term positive for the latter as the corporate exercise offers its shareholders a more diversified and strong plastics business.
Dialog rose eight sen to RM3.22, rebound from the previous day’s selling. AmInvestment Research is retaining its Buy call on Dialog Group with unchanged forecasts and sum-of-parts-based fair value of RM3.90 a share.
UMW rose 13 sen to RM4.86, Hartalega nine sen to RM6.14 and Air Asia eight sen to RM2.93.
Refiners Hengyuan and Petron also climbed, with Hengyuan up eight sen to RM5.62 and Petron six sen to RM7.07.
Suremetric fell 3.5 sen to 45.5 sen with 20.5 million shares done as traders booked profit following its stellar debut.
BAT fell 68 sen to RM37.30, MPI 40 sen to RM11.58 while KESM was down 10 sen to RM10.56.
Batu Kawan lost 36 sen to RM16.50, Public Bank 18 sen to RM24.34 and Top Glove 10 sen to RM5.60.
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