Small cap property stocks in limelight (Update)

  • Business
  • Wednesday, 23 Jul 2014

KUALA LUMPUR: Small capitalised property stocks were among the major gainers on Wednesday morning, with several counters scaling to several years high.

At 12.30pm, the FBM KLCI rose 0.8 points or 0.04% to 1,872.16. Turnover was 1.17 billion shares valued at RM855.34mil. There were 356 gainers, 375 losers and 310 counters unchanged.

Property stocks SHL, Brem, Plenitude and OSK Properties were among the top 10 gainers.

SHL Consolidated extended its gains for the second day following a positive report by Public Investment Research. SHL, the master developer of Bandar Sungai Long, could be worth at least RM1.0bil or RM4.26 per share, it said.

SHL rose 24 sen to RM2.94, Brem rose 22 sen to RM2.69, the highest since 2000.  Plenitude added 16 sen to RM2.98 and  OSK Properties 12 sen to RM2.31.

Among the bigger cap stocks, SP Setia rose four sen to RM3.54 on expectations it could be privatised.

Publisher Sasbadi, which made its debut on the Main Market, rose 45 sen to RM1.64.

MAS fell 0.5 sen to 22.5 sen and it was the most active with 112 million shares done.

Crude palm oil for third-month futures fell RM22 to RM2,257 - the lowest since August 2012 as production increased by 16% in July 1 to 20. Bloomberg reported that output is typically highest from July to October each year.

IJM Plantations fell 10 sen to RM3.65, PPB Group fell six sen to RM14.34, KL Kepong two sen to RM23.70 but FGV rose four sen to RM4.05 and IOI Corp two sen to RM5.02.

Petronas Dagangan continued to lose ground, down 22 sen to RM19.38 but Petronas Chemicals Gas rose two sen to RM23.50 and Petronas Chemical up one sen to RM6.73.

Tenaga Nasional rose four sen to RM12.42 and TM edged up one sen to RM6.30.

Among the banks and finance stocks, HLFG fell 18 sen to RM17.06 while Hong Leong Bank fell two sen to RM14.10, RHGB Cap four sen to RM9.06 while CIMB and Maybank were flat at RM6.89 and RM9.90.

The ringgit strengthened to 3.1723 against the US dollar from 3.1762 the previous day.

Among the key regional markets,

Japan's Nikkei 225 fell 0.03% to 15,338.32;

Hong Kong's Hang Seng Index rose 0.66% to 23,939.47;

Shanghai's Composite Index rose 0.18% to 2,079.29;

Taiwan's Taiex rose 0.62% to 9,499.36;

South Korea's Kospi fell 0.15% to 2,025.86 and

Singapore's Straits Times Index rose 0.61% to 3,337.30.

US light crude oil fell 42 cents to US$101.97 and Brent 15 cents lower at US$107.18.

Spot gold rose 77 cents to US$1,307.19.

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