Axiata shines amid lacklustre market


  • Markets
  • Thursday, 16 Jan 2020

Interestingly, Tenaga ended flat for the second day at RM12.90, paring the earlier losses when it fell to a low of RM12.62. The power giant's shares had seen volatile trading. It is bracing for new players as the government moves to open up the retail electricity market. Its shares have slumped 18% since September 2018 when the government first mooted the plan, Bloomberg reported on Wednesday.

KUALA LUMPUR: Axiata Group was in the spotlight on Thursday as fund buying of the telco lifted the FBM KLCI into the positive zone amid a weaker broader market.

At 5pm, the KLCI was up 2.74 points or 0.17% to 1,587.88. Turnover was 2.60 billion shares valued at RM1.91bil. There were 377 gainers, 448 losers and 396 counters were unchanged.

Key Asian markets were mixed after the US and China signed an eagerly awaited Phase 1 trade deal but some questions still remained over certain key issues, wire reports said.

Japan's Nikkei 225 rose 0.07%, Hong Kong's Hang Seng Index added 0.38% but Shanghai's Composite lost 0.52% and Taiwan's TAIEX 0.21% lower. South Korea's Kospi rose 0.77% and Singapore's STI ended 0.65% higher.

The ringgit rose 0.29% against the US dollar to 4.0627, eked out a 0.02% gain to the pound sterling to 5.3025, inched up 0.03% to the euro at 4.5328 and ended up by 0.16% to the Singapore unit at 3.0186.

Axiata rose 20 sen to RM4.36 and pushed the KLCI up 3.23 points while Digi added three sen to RM4.54 but Maxis shed two RM5.60.

Interestingly, Tenaga ended flat for the second day at RM12.90, paring the earlier losses when it fell to a low of RM12.62.

The power giant's shares had seen volatile trading. It is bracing for new players as the government moves to open up the retail electricity market. Its shares have slumped 18% since September 2018 when the government first mooted the plan, Bloomberg reported on Wednesday.

Press Metal added five sen to RM5.20, MAHB six sen to RM7.15, GentingM one sen to RM3.34, Genting unchanged at RM6.17 while MISC fell four sen to RM8.17 and Sime Darby one sen lower at RM2.22.

US light crude oil rose 29 cents to US$58.10 and Brent 49 cents to US$64.49. Petronas Chemicals rose three sen to RM7.06, Petronas Dagnagan eight sen to RM22.46 but Petronas Gas lost 10 sen to RM16.50. Dialog edged up three sen to RM3.42.

As for banks, HL Bank added 10 sen to RM16.96, Maybank one sen to RM8.61 while Pubic Bank and RHB Bank were flat at RM19.56 and RM5.81 while Ambank and CIMB shed one sen each to RM3.90 and RM5.17.

Crude palm oil for third month delivery fell RM31 to RM2,878 per tonne. IOI Corp fell seven sen to RM4.61 and erased 0.77 of a point, PPB Group and KL Kepong eight sen lower to RM18.54 and RM24.50 while Sime Plantation was unchanged at RM5.30.

However, Batu Kawan, which is a major shareholder in KL Kepong, rose 26 sen to RM17.38 while Ta Ann added 11 sen to RM3.31.

Gamuda rebounded 15 sen to RM4.05. There had been concerns about whether the takeover of intercity tolled roads such as the Damansara-Puchong Highway (LDP) would proceed as earlier planned.

Consumer stocks were the top losers of the day with BAT falling 82 sen to RM14.04, which is a multi-year low. Dutch Lady fell 68 sen to RM45.50, Ajinomoto 28 sen to RM14.10, Heineken 20 sen to RM27, Carlsberg 16 sen to RM29.84 and F&N 14 sen to RM33.26.

Takaful fell 59 sen to RM5.11 and BIMB 22 sen lower at RM4.18. RHB Bank had announcement of its plan to end its bancatakaful service agreement (BSA) with the Takaful.

RHB Bank’ subsidiary, RHB Islamic Bank, will discontinue its BSA with BIMB’s 59% owned subsidiary Takaful upon its expiry on July 31,2020.


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Axiata , Takaful , BIMB

   

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