Tenaga powers turnaround in early trade

  • Markets
  • Monday, 12 Oct 2015

KUALA LUMPUR: Fund buying of Tenaga Nasional, MISC and Sime Darby powered the FBM KLCI more than 13 points in early Monday trade after a hesitant start.

At 9.12am, the KLCI was up 13.36 points or 0.78% to 1,719.90. Turnover was 150.45 million shares valued at RM60.22mil. There were 205 gainers, 94 losers and 176 counters unchanged.

BIMB Securities Research reckons the local market to remain positive on Monday due to improved global sentiment and the returning of foreign investors and expect the index to hover around 1,715 to 1,720.

Foreign funds were net buyers on Bursa Malaysia in the week ended Oct 9 with net buying at RM783.4mil, of which net buying was RM384.9mil on Friday itself, the research house said.

Bloomberg reported the US dollar reasserted itself, snapping an eight-day rally in Australia's currency after Federal Reserve Vice Chairman Stanley Fischer joined the chorus touting a potential US interest-rate hike by year end. Australian stocks fell with US index futures following the best week for global equities since 2011.

At Bursa Malaysia, Tenaga jumped 34 sen to RM12.84 on expectations of strong earnings, while MISC added 16 sen to RM8.99 and IHH Healthcare advanced 14 sen to RM6.34. UMW was up 12 sen to RM8.50.

Plantations climbed led by heavyweight Sime Darby up 18 sen to RM8.93 while low profile Sabah-based Innoprise gained 11 sen to RM1.50 on its proposed corporate exercise. However, SOP fell 13 sen to RM4.60.

Petronas Chemicals lost one sen to RM6.53. As for banks, Maybank was down nine sen to RM8.51 and AFG shed eight sen to RM3.56.
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