KUALA LUMPUR: Sunway Construction recovered to its initial public offer price at the midday break on Wednesday, giving hope to investors after the share price fell following its listing last week.
At 12.30pm, SunCon was up three sen to RM1.20 in active trade as indications showed the selling by shareholders who had received the shares could have dried up and amid market stabilisation activities by its merchant bank since the listing on July 28.
The KLCI was up 4.61% or 0.27% to 1,728.34. Turnover was 557.12 million shares valued at RM481.47mil. There were 330 gainers, 293 losers and 310 counters unchanged.
Market sentiment also perked up following the stronger-than-expected trade data where exports surprised economists on an upside. A survey had expected June exports to fall 2.2% on-year but instead, they rebounded 5% to RM64.3bil.
However, the ringgit weakened against the US dollar to 3.8755 from the previous close of 3.8523.
At Bursa Malaysia, among the gainers were MISC, climbing 28 sen to RM8.48 after posting a strong set of results and upbeat outlook by analysts. It rose 28 sen to RM8.48 and pushed the KLCI up 2.13 points.
Among the banks, CIMB rose 17 sen to RM5.40 and pushed the KLCI up 2.46 points, Maybank gained one sen to RM9.18, Public Bank was flat at RM19.16, also unchanged was AmBank at RM5.66 but RHB Cap fell six sen to RM7.41.
US light crude oil rose 28 cents to US$46.02 while Brent gained 32 cents to US$50.31. Petronas Gas added 16 sen to RM22.62, Petronas Chemicals one sen to RM6.44 and Petronas Dagangan fell two sen to RM21.22. SKPetro was flat at RM2.40.
Crude palm oil for third-month delivery shed RM1 to RM2,061. Genting Plantations added 18 sen to RM10.18 and PPB Group six sen higher to RM15.16 but KL Kepong fell four sen to RM21.70 and IOI Corp one sen lower at RM4.23.
Top Glove gained 21 sen to RM8.11.
As for the telcos, Maxis rose 15 sen to RM6.74, TM gained four sen to RM6.63 but DiGi and Axiata lost one sen each to RM5.40 and RM6.43.
Tenaga fell 10 sen to RM11.84 and erased nearly one point from the KLCI. Genting Bhd
was down seven sen to RM8.32.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.56% to 20,635.43;
Hong Kong’s Hang Seng Index rose 0.27% to 24,472.48;
Shanghai’s Composite Index fell 1.27% to 3,708.66;
Taiwan’s Taiex rose 0.42% to 8,546.82;
South Korea’s Kospi rose 0.03% to 2,028.57;
Singapore’s Straits Times Index rose 0.07% to 3,193.19.
Spot gold fell US$1.08 to US$1,086.62.