No respite for Public Bank and rights shares


  • Markets
  • Thursday, 26 Jun 2014

KUALA LUMPUR: Malaysia's FBM KLCI fell more than four points in early Thursday trade, weighed down by losses in Public Bank while Boustead Plantations was slightly higher on its first trading day.

At 9.35am, the KLCI was down 4.01 points to 1,885.54. Turnover was 289.72 million shares valued at RM227.73mil. The broader market was firmer with 203 gainers, 179 losers and 237 counters unchanged.

BIMB Securities Research said there was a trickle of foreign funds inflow on Wednesday  amounting to almost RM14mil.

"We foresee the local bourse to stay flat today from the lack of buying impetus. Our high market valuation currently hovering at around 17 times may act as road bumps for further upside. Immediate support is seen at the 1,880 level," it said.

Public Bank and Public Bank's renounceable rights shares (OR) continued to fall. The shares fell 18 sen to RM19.84 and the OR 17 sen to RM5.90 on profit taking.

RHB Cap shed 12 sen to RM8.46 with just 200 shares done.

Panasonic fell as much 72 sen to RM21.80 with 48,100 shares done despite a special dividend of 23 sen a share and final dividend of 35 sen a share for its FY14 with ex-date on Sept 5.

Boustead Plantations rose three sen to RM1.63 with 53.39 million shares done on its first trading day.

Icon Offshore, which made its debut on Wednesday, was flat at RM1.91.

MAS edged up one sen to 20.5 sen in active trade.

BAT was the top gainer, up 24 sen to RM67, Pestech 16 sen to RM5.80 and Asia Brands 11 sen higher at RM4.

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