X Close

Archives

Published: Thursday September 13, 2012 MYT 6:01:00 PM

CIMB, Tenaga power KLCI rebound

KUALA LUMPUR: Fund buying of CIMB and Tenaga helped power the FBM KLCI's rebound on Thursday, with the index up nearly 1% and snapping three-straight days of losses while AirAsia ended off its day's low.

Sentiment continued to improve throughout the day, enabling the KLCI to close at the day's high as funds picked up oversold index linked counters while the broader market showed strong improvement.

The KLCI closed up 14.62 points or 0.91% to 1,628.40. Turnover was 1.02 billion shares valued at RM1.62bil. There were 417 gainers, 301 losers and 342 stocks unchanged.

In a research note early Thursday, CIMB Equities Research had forecast the recent market weakness was unlikely to drag on for too long.

It said that in September, the KLCI fell 30 points to 40 points or about 2%, since its peak in mid-August, raising concerns in investors used to Bursa's stability. However, it said risk appetite could return several weeks after the Budget is tabled on Sept 28

Key regional markets were mixed ahead as investors hoped the Federal Reserve would take steps to announce another round of asset purchases when its meeting ends later Thursday.

Japan's Nikkei 225 rose 0.39% to 8,995.15; Taiwan's Taiex added 0.11% to 7,578.80 and South Korea's Kospi was a marginal 0.03% higher at 1,950.69 and Singapore's Straits Times Index inched up 0.02% to 3,030.14.

Bloomberg reported China's stocks fell the most in two weeks after Xinhua News Agency said massive stimulus measures would be "detrimental" to sustainable growth, overshadowing the government's plan to aid exporters.

Hong Kong's Hang Seng Index fell 0.14% to 20,047.63 and Shanghai's Composite Index fell 0.76% to 2,110.38.

US light crude oil rose 16 cents to US$97.17 but Brent eased four cents to US$115.92 and spot gold dipped 30 cents to US$1,730.45.

The ringgit weakened slightly to 3.0816 against the US dollar.

Crude palm oil for third-month futures fell RM22 to RM2,908. However, IOI Corp rose 10 sen to Rm5.10 and KLK eight sen to RM22.10.

At Bursa Malaysia, BAT was the top gainer, adding RM1.50 to RM63.50.

CIMB rose 18 sen to RM7.58 and pushed the KLCI up 3.12 points while Tenaga's 23 sen gain to RM6.78 added 2.93 points to the index.

HL Bank rose 24 sen to RM13.26, Genting Malaysi 12 sen to RM3.62, Maybank 11 sen to RM9.27 while Petronas Gas added 10 sen to RM18.60 and Petronas Chemical eight sen higher at RM6.50.

Glenealy rose 20 sen to RM7.95. Samling Global Ltd has received nearly all the shareholders' approval to go ahead with the privatisation of Glenealy Plantations (M) Bhd.

At the court convened meeting on Thursday, minority shareholders owning about 4.23% of the shares had voted against the proposal. Samling Global expects to complete the exercise by mid-November.

PPB was the top loser, down 36 sen to RM12.04 while Aeon Credit fell 20 sen to RM10.72 and Tasek 16 sen to RM10.24.

AirAsia ended the day off its low of RM2.82. It closed seven sen lower at RM2.95 with 102 million shares done.

advertisement

  1. Malaysian passport 9th best in the world
  2. Japanese oil tanker robbed, three crew believed kidnapped in dramatic dawn raid
  3. KL set to be in 'security lockdown'
  4. Wanted: A rational water plan
  5. 'Godfather' believed to have killed 13-year-old boy
  6. Every kind of success in life depends on our virtues as a person
  7. Brave boy comforts family
  8. College staff turn to loan sharks after salaries unpaid for four months
  9. David Moyes parts ways with Manchester United, Ryan Giggs temporarily takes charge
  10. Selangor MB Khalid: Can't stop water rationing yet, but will review next week

advertisement

advertisement