Tenaga lifts KLCI amid mixed market ahead of GDP data

KUALA LUMPUR: Tenaga Nasional provided the much needed boost to the FBM KLCI amid a mixed broader market ahead of the release of the fourth quarter GDP data at midday and also the long weekend for the Lunar New Year.

At 9.16am, the KLCI was up 0.15 of a point to 1,597. Turnover was 529.45 million shares valued at RM225.36mil. There were 237 gainers, 266 losers and 321 counters unchanged.

Maybank Investment Bank Research estimated 4Q 2020 real GDP shrank by a -3.8% YoY (3Q 2020: -2.7% YoY) amid slower manufacturing growth and bigger contractions in services, mining, construction and agriculture as Conditional Movement Control Order (CMCO) came into effect between mid-October up till early-December 2020.

However, importantly, investors would be focused on the outlook for the economy this year, especially after the movement control order (MCO 2.), which has been in place for a month.

At Bursa on Wednesday, foreign funds turned net buyers at RM33.3mil but local institutions were net sellers at RM31.2mil and local retail investors at RM2.1mil.

In early Thursday trade, Tenaga rose 11 sen to RM9.86 while Petronas Gas gained 18 sen to RM16.48 with 100 shares done but Petronas Chemicals lost 10 sen to RM7.46.

Heineken gained 48 sen to RM23.80 and BAT 34 sen to RM13.50 but Nestle fell 70 sen to RM136.30.

As for chip makers and tech-related stocks, MPI rose 42 sen to RM36.70 with 100 shares done and UWC 20 sen higher at RM12.84but KESM fell 24 sen to RM16.04 and Amtel eight sen to RM3.92.

As for glove makers, Hartalega lost eight sen to RM12.70.

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