Sunway Construction rebound brings relief to investors

  • Business
  • Wednesday, 05 Aug 2015

KUALA LUMPUR: After a dismal week since its listing on the Main Market, interest in Sunway Construction perked up on Wednesday and pushed the share price above its RM1.20 initial offer price.

Selling pressure seemed to have dried up in the company which was listed on July 28 and was trading below the offer price over the week due to the volatile market conditions.

At 5pm, SunCon was up six sen to RM1.23. There were 29 million shares done at prices ranging from RM1.16 to RM1.24.  After market close, RHB Investment Bank, which was the stabilising manager, announced it bought 33,100 shares at an average price of RM1.17 a share.

The FBM KLCI closed off its day’s best, edging up just 1.83 points or 0.11% to end at 1,725.56. Turnover declined to 1.22 billion shares valued at RM1.39bil. There were 383 gainers, 388 losers and 334 counters unchanged.

However, the ringgit weakened to 3.8777 to the US dollar from its previous close of 3.8523. It fell to an intra-day low of 3.8523.

Maxis was the top performer among the KLCI stocks, adding 20 sen to RM6.79 and giving the KLCI a 2.6 point boost. DiGi added five to RM5.40, TM gained four sen to RM6.63 but Axiata lost one sen to RM6.43.

MISC gained 12 sen to RM8.32 and added nearly one point to the KLCI after its strong set of earnings, prompting analysts to upgrade the company.

Among the banks, CIMB added six sen to RM5.29, Maybank two sen to RM9.19 but RHB Cap lost seven sen to RM7.40, Hong Leong Bank six sen to RM13.50, Public Bank shed two sen to RM19.14 and AmBank one sen to RM5.65. 

Crude palm oil for third-month delivery lost RM24 to RM2,038 on concerns of strong supply. 

PPB Group added eight sen to RM15.18, KL Kepong six sen to RM21.80, IOI Corp four sen to RM4.28 while Sime was flat at RM8.79.

US light crude oil rose 13 cents to US$45.87 and Brent 14 cents to US$50.13. Petronas Daganagan added 12 sen to RM21.36, Petronas Gas six sen to RM22.52 and Petronas Chemicals one sen higher at RM6.44 while SK Petro was flat at RM2.40.

Consumer stocks were mostly higher, with Nestle up 90 sen to RM72.90, F&N 18 sen to RM18.58 and Dutch Lady 16 sen to RM47 but BAT fell 68 sen to RM66.02 and GAB 16 sen lower at RM13.88.

Restraining the KLCI’s advance were Tenaga and Genting Bhd. Tenaga fell 16 sen to RM11.78 and erased 1.56 points from the KLCI while Genting lost 10 sen to RM8.29.

MAHB was down 19 sen to RM5.44. 

Among the key regional markets,

Japan’s Nikkei 225 rose 0.46% to 20,614.06;

Hong Kong’s Hang Seng Index rose 0.44% to 24,514.16;

Shanghai’s Composite Index lost 1.65% to 3,694.57;

Taiwan’s Taiex rose 0.37% to 8,542.27;

South Korea’s Kospi rose 0.09% to 2,029.76; and

Singapore’s Straits Times Index edged up 0.01% to 3,191.39.

Spot gold fell US$1.17 to US$1,086.53.
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