Axiata, Digi pull FBM KLCI higher

KUALA LUMPUR: A surge in the share prices of Axiata and Digi following the announcement of a merger sent the FBM KLCI higher in early Friday trade.

At 9.09am, the FBM KLCI was 12.63 points higher at 1,615.03, extending its lead on the 1,600 psychological level.

Axiata jumped 28 sen or 7.4% to RM4.08 while Digi was up 57 sen or RM15.2% to RM4.32.

It was announced yesterday that Axiata's Celcom and Telenor Asia's Digi were merging in a deal that would see the creation of Malaysia's largest telco and the fifth-largest company by market capitalisation on Bursa Malaysia.

Meanwhile, other stocks on the rise included Hong Leong Financial Group up 32 sen to RM17.66, Nestle climbing 60 sen to RM135.70 and PPB up 14 sen to RM18.64.

Following their rally yesterday, there is some profit-taking in glove counters including Top GLove falling eight sen to RM5.32, Hartalega down 22 sen to RM9.92 and Supermax sliding eight sen to RM4.79.

Top actives on the market were VSolar gaining 0.5 sen to 3.5 sen, LKL down 3.5 sen to 41.5 sen and SYG falling one sen to 43 sen.

Global equities are expected to be positive today following US Federal Reserve chairman Jerome Powell's assurances that the central bank has enough tools to cope with the inflationary pressure.

Wall Street rallied overnight following the comments, which raised the prospects of further economic recovery.

"Following the overnight rally in the Nasdaq, we expect buying interest to emerge in the technology sector especially those that are in the oversold region.

"Besides, we reckon the market participations may look into consumer, aviation, property and construction for recovery-theme exposure," said Malacca Securities Research on its sector focus for Bursa Malaysia.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Bursa Malaysia , FBM KLCI , equities


Next In Business News

Asia shares spooked by US inflation scare, hope for Fed calm
Asia shares spooked by US inflation scare, slip to 7-week lows Thursday
Bitcoin ticks back in Asia after Musk tweet sent price down 17%
Tesla stops taking bitcoin payments for vehicles over climate concerns
Vegetable Oils surge, Soy futures reach highest since 2012
Jobs, inflation data surprises not changing Fed plans
Oil price rises to 8-wk high on demand hopes, U.S. export decline
GLOBAL MARKETS-Wall Street skids on inflation fears; USD, bond yields jump
Capitalising on loan growth
Teo Seng invests in new equipment

Stories You'll Enjoy