KUALA LUMPUR: Blue chips added more gains early Monday, tracking the firm key Asian markets after the centrist Emmanuel Macron comfortably won the French presidential election.
At 10am, the FBM KLCI was up 2.38 points or 0.14% to1,765.12. Turnover was 1.13 billion shares valued at RM434.35mil. There were 353 gainers, 245 losers and 338 counters unchanged.
The ringgit was firmer against the US dollar at 4.332, up 0.07% against the previous close of 4.335.
Hong Leong Investment Bank (HLIB) Research said the landslide win for Macron in the French election is within markets’ expectation.
“We opine that the overseas markets may continue to stay positive over the near term. The Dow may revisit the 21,178 level over the near term.
“Despite the conclusion of the French election with a positive outcome, investors may stay sideways and cautious in trading the stock market without clear details on Bandar Malaysia deal.
“Also, weaker crude oil prices have dampened the market sentiments last week. Hence, the KLCI’s upside may be limited at around 1,770-1,780,” it said.
MPI was the top gainer, up 28 sen to RM12.78 as it rides the upward trend in semiconductor stocks. Vitrox added 20 sen to RM6.19 and SAM Engineering 13 sen higher at RM6.95.
Old Town jumped 23 sen to RM3.13.
As for Malton, its shares and loan stocks, added 21 sen each to RM1.71 andd RM1.71 while the warrants gained 14.5 sen to 74.5 sen.
StarBiz reported Dalian Wanda Group a multinational conglomerate founded by China’s richest man, Wang Jianlin, is speculated to be bidding for the Bandar Malaysia project together with the Malton Group headed by Tan Sri Desmond Lim.
However, IW City hit limit-down, tumbling 92 sen or 30% to RM2.16 with 3.60 million shares done.
IWC’s shares have been under pressure after TRX City Sdn Bhd announced that the share sale agreement entered between the Government through TRX City, Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) had lapsed.
UMW fell seven sen to RM6.02 and Pentamaster seven sen lower at RM3.38.
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