KLCI ekes out slight gains at midday

The only excitement on Bursa was IJM Plantations, which surged 58 sen to RM3.04 after its parent accepted the takeover offer from KL Kepong.

KUALA LUMPUR: Blue chips eked out slight gains at the midday break on Thursday, thanks to Tenaga Nasional and Genting Bhd but the FBM KLCI trailed behind the key Asian markets.

At midday, the KLCI was just up 1.17 points or 0.07% to 1, 582.65. Turnover was 2.91 billion shares valued at RM1.40bil. There were 445 gainers, 419 losers and 450 counters unchanged.

Among the key Asian markets, Japan's Nikkei 225 was up 0.33%, Hong Kong's Hang Seng Index added 0.3%, Shanghai Composite Index advanced 0.82% and Singapore's Straits Times Index 0.53% higher.

The only excitement on Bursa was IJM Plantations, which surged 58 sen to RM3.04 after its parent IJM Corp accepted the takeover offer from KL Kepong. IJM Corp added five sen to RM1.95 but KL Kepong shed 10 sen to RM21.66.

KL Kepong has offered to acquire IJM Corp's 56.2% stake in IJM Plantations for RM1.534bil cash. This offer, which valued IJMP at RM3.10 a share, is valid until tomorrow and would in turn value the entire IJMP company at RM2.73bil, based on its total share base.

Crude palm oil for third month delivery rose RM23 to RM3, 894 per tonne. Sime Darby Plantation managed to recoup part of the previous day's losses, adding three sen to RM4.28 while IOI Corp gained two sen to RM4.04. However. PPB Group lost 14 sen to RM18.50.

The rally in the crude oil prices hit a speed bump on expectations of more global supply. US light crude oil fell 52 cents to US$69.44 and Brent lost 53 cents to US$71.69.

Petronas Dagangan gained 10 sen to RM18.82 Petrnoas Chemicals added two sen to RM8.07 but Petronas Gas lost 10 sen to RM15.98.

Among the banks.Maybank was flat at RM8.20, Public Bank added one sen to RM4.21 but CIMB shed three sen to RM4.62 and Hong Leong Bank six sen lower at RM18.78.

Power giant Tenaga inched up two sen to RM9.95. IHH Healthcare was also two sen higher at RM5.43, MISC gained six sen to RM6.88. GentingM added three sen to RM3 and Genting one sen to RM5.15.

As for glove makers, Hartalega gained two sen to RM8.45, Top Glove shed two sen to RM4.82 and Supermax three sen lower at RM3.84.

Serba Dinamik inched up 0.5 sen to 63 sen in active trade. UOB Kay Hian Malaysia Research is retaining its hold call for Serba Dinamik with a new target price of 70 sen and entry at 55 sen as most of the downside has been priced in unless there are more unforeseen events.

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