KUALA LUMPUR: Tenaga Nasional underpinned the marginal gains of the FBM KLCI in early Monday trade on expectations of strong earnings as it announces its results this week but analysts expect the index to remain rangebound.
At 9.19am, the KLCI was up just 1.07 points to 1,841.57. Turnover was 377.86 million shares valued at RM136.53mil. There were 249 gainers, 98 losers and 207 counters unchanged.
BIMB Securities Research pointed out that the KLCI closed down 2.61 points at 1,840.50 due to a lack of fresh catalysts last Friday.
“Reflecting the weak market undertone, net foreign outflows had amassed to RM447.4mil last week and we expect this to continue.“For today, we anticipate the index to remain stuck in a range of between 1,840/50 over the immediate term,” it said.
Among the KLCI stocks, Tenaga rose 10 sen to RM12.38 while BAT added 10 sen to RM70.50.
Press Metal-WC regained its footing after the recent bout of profit taking, adding 21 sen to RM4 while its shares added 10 sen to RM5.95.
Among the property companies, ECO WORLD rose 13 sen to RM4.76 and KSL 11 sen to RM4.77. However, SP Setia lost 16 sen to RM3.27 with 100 shares done and IJM Land 12 sen lower at RM3.20.Fiamma added 11 sen to RM2.45, Fima Corp 10 sen to RM9.10 while Sasbadi rose nine sen to RM1.59.
KL Kepong fell the most, down 44 sen to RM21.30 on the bearish outlook for crude palm oil.
Carlsberg lost 12 sen to RM11.70. As for the KLCI stocks, HL Bank fell eight sen to RM14.42, Petronas Gas six sen to RM22.80 and TM six sen also to RM6.46.
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