KUALA LUMPUR: Selected buying of telco stocks including Axiata, banks and food counters drove the FBB KLCI higher at the midday break on Monday, July 12, enabling the market to extend its gains for the sixth straight day.
At 12.30pm, the FBM KLCI was up 5.68 points to 1,329.99. Trading volume was thin with 284 million shares valued at RM400 million. Advancing counters beat decliners 314 to 185 while 235 stocks unchanged.
The firmer close on Wall Street also encouraged investors to pick up equities in key regional markets.
Light crude oil shed 13 cents to US$75.96.
Nikkei 225 +0.19% 9,603.90 Hang Seng Index +0.67% 20,561.07 Shanghai Composite Index +0.81% 2,490.91 Kospi +0.33% 1,728.74 Singapore STI +0.27% 2,925.02
Crude palm oil futures rose RM19 to RM2,306, the highest since June 30.'' News reports said palm oil stockpiles in Malaysia fell 7.1% in June compared with the previous month.
Inventory of CPO fell to 1.45 million tonnes. Output rose 2.5% to 1.42 million tonnes while exports gained 5.5% to 1.44 million tonnes. Among the index-linked PLANTATION [] stocks, PPB rose 30 sen to RM17.18 and IOI Corp four sen to RM5.14.
Food-related companies were among the gainers, with Nestle rising 80 sen to RM36, Dutch Ladt 34 sen to RM13.64, F&N 24 sen to RM12.90 and KFCH 14 sen to RM10.24.
Axiata rose 12 sen to RM4.12, pushing up the index by 2.47 points while CIMB rose five sen to RM7.14, Maybank four sen to RM7.62 and Public Bank four sen to RM11.98.
Time dotCom (TDC) rose 1.5 sen to 51.5 sen with 20.5 million shares done after CIMB Equities Research said it expected rising competition from a restructured TDC reinforced its Underperform recommendation on Telekom Malaysia (TM) with a DCF-based target price of RM3.10.
"We estimate that 16% of TM's revenue could be vulnerable to rivalry from TDC and this could increase as
TDC expands its network and fine-tunes its strategy," it said.
Tanjong fell 18 sen to RM17.60, YTL seven sen to RM7.46 while Ewein skidded 15.5 sen to 81.5 sen.
At 12.30pm, the FBM KLCI was up 5.68 points to 1,329.99. Trading volume was thin with 284 million shares valued at RM400 million. Advancing counters beat decliners 314 to 185 while 235 stocks unchanged.
The firmer close on Wall Street also encouraged investors to pick up equities in key regional markets.
Light crude oil shed 13 cents to US$75.96.
Nikkei 225 +0.19% 9,603.90 Hang Seng Index +0.67% 20,561.07 Shanghai Composite Index +0.81% 2,490.91 Kospi +0.33% 1,728.74 Singapore STI +0.27% 2,925.02
Crude palm oil futures rose RM19 to RM2,306, the highest since June 30.'' News reports said palm oil stockpiles in Malaysia fell 7.1% in June compared with the previous month.
Inventory of CPO fell to 1.45 million tonnes. Output rose 2.5% to 1.42 million tonnes while exports gained 5.5% to 1.44 million tonnes. Among the index-linked PLANTATION [] stocks, PPB rose 30 sen to RM17.18 and IOI Corp four sen to RM5.14.
Food-related companies were among the gainers, with Nestle rising 80 sen to RM36, Dutch Ladt 34 sen to RM13.64, F&N 24 sen to RM12.90 and KFCH 14 sen to RM10.24.
Axiata rose 12 sen to RM4.12, pushing up the index by 2.47 points while CIMB rose five sen to RM7.14, Maybank four sen to RM7.62 and Public Bank four sen to RM11.98.
Time dotCom (TDC) rose 1.5 sen to 51.5 sen with 20.5 million shares done after CIMB Equities Research said it expected rising competition from a restructured TDC reinforced its Underperform recommendation on Telekom Malaysia (TM) with a DCF-based target price of RM3.10.
"We estimate that 16% of TM's revenue could be vulnerable to rivalry from TDC and this could increase as
TDC expands its network and fine-tunes its strategy," it said.
Tanjong fell 18 sen to RM17.60, YTL seven sen to RM7.46 while Ewein skidded 15.5 sen to 81.5 sen.
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