KUALA LUMPUR: The FBM KLCI ended flat on Friday as losses in selected heavyweights offset gains in plantation stocks, although the benchmark still managed to eke out a gain for the week.
The 30-stock index inched down 0.23 points, or 0.01%, to 1,736.48 after moving between its intraday high of 1,738.30 and low of 1,733.13.
The benchmark index traded in a see-saw pattern throughout the week but still managed to chalk up a 0.53% weekly gain.
Market breadth was slightly negative, with 637 decliners outpacing 578 gainers, while 571 counters were unchanged. Turnover stood at 3.91 billion shares valued at RM3.32bil.
A dealer said trading was largely driven by corporate developments and stock-specific news, resulting in mixed performance across sectors despite the firmer regional backdrop.
“Investors were reacting to individual corporate developments and earnings-related catalysts, which kept the benchmark relatively flat even as buying interest emerged in selected sectors such as plantations,” he added.
Malaysian Pacific Industries
was Bursa Malaysia’s top loser, tumbling RM2.10 to RM43.20. Nestlé fell RM1 to RM103.80, Kelington Group shed 39 sen to RM8.61, while Telekom Malaysia slipped 33 sen to RM7.77.
Plantation counters were among Bursa Malaysia’s top gainers, with PPB Group jumping 38 sen to RM10.28, Sarawak Oil Palms rising 29 sen to RM5.56 and United Plantations gaining 28 sen to RM32.16. Kuala Lumpur Kepong added 20 sen to RM21.64, while Ta Ann climbed 18 sen to RM6.18.
NexG, the most active counter on Bursa Malaysia, declined one sen, or 3.03%, to 32 sen, with 109.2 million shares traded.
The company clarified that the Finance Ministry had verbally requested an indicative price for the possible acquisition of its wholly owned subsidiary, Datasonic Technologies Sdn Bhd (DTSB), which provides the MyKad national identity card.
NexG had valued DTSB at about RM7.5bil following an internal assessment using the discounted cash flow method. The ministry had also sought assessments on potential compensation if the MyKad supply contract were terminated and the indicative price for a controlling stake in NexG.
In terms of fund flows, foreign investors and retailers were net sellers on Thursday, offloading RM35mil and RM228mil worth of equities, respectively.
Local institutions were net buyers, with net purchases of RM263mil.
Around the region, MSCI's Asia ex-Japan index rose 1.35%, with most major regional markets closing higher:
Japan’s Nikkei 225 closed down 0.3% to 66,016.36;
Hong Kong’s Hang Seng Index rose 1.21% to 26,009.46;
China’s CSI300 Index added 0.57% to 4,618.90;
Taiwan’s Taiex rose 0.65% to 45,224.29;
South Korea’s Kospi gained 0.88% to 6,912.95 and;
Singapore’s Straits Times Index rose 0.32% to 5,690.08 points.
